Regulatory Alerts2021-12-23
Amendment to Policy Statement to Regulation 81-102 respecting Investment Funds
The Canadian securities regulators amended Policy Statement to Regulation 81-102 respecting Investment Funds to reduce regulatory burden for investment fund issuers. The amendments update references to specific forms and appendices within the French text of the policy and clarify the definition of misleading advertisements. These changes streamline compliance requirements by removing redundant terminology and ensuring accurate cross-references to current regulatory documents.
AMENDMENTS TO POLICY STATEMENT TO REGULATION 81-102 RESPECTING INVESTMENT FUNDS
- Section 2.13 of Policy Statement to Regulation 81-102 respecting Investment Funds is amended, in the French text of paragraphs (1) and (2): (1) by replacing, wherever they appear, “du Formulaire 81-101F1” with “de l’Annexe 81-101A1”; (2) by deleting the words “du formulaire ou”.
- Section 7.5 of the Policy Statement is amended by replacing, in paragraph (3), the words “, simplified prospectus or annual information form” with the words “or simplified prospectus”.
- Section 13.1 of the Policy Statement is amended by replacing paragraph (3) with the following: “(3) An advertisement that presents information in a manner that distorts information contained in the preliminary prospectus or prospectus, or preliminary prospectus, preliminary fund facts document or prospectus, and fund facts document, as applicable, of an investment fund or that includes a visual image that provides a misleading impression will be considered to be misleading.”.
- Section 13.2 of the Policy Statement is amended by replacing, in the French text of paragraph (5), “du Formulaire 81-101F1” with “de l’Annexe 81-101A1” and “du Formulaire 81-101F3” with “de l’Annexe 81-101A3”.
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