Region

Jurisdiction

Regulator

2022-01-27

Amendments to Policy Statement to Regulation 41-101 respecting General Prospectus Requirements

The Canadian securities regulators amended Policy Statement to Regulation 41-101 to establish specific filing categories for Exchange Traded Fund facts documents submitted without a prospectus. The update requires that ETF facts documents containing only routine updates be filed under the "Year 2 ETF Facts – Auto Public" category, while those involving material changes must be filed under "Year 2 ETF Facts – Private" alongside additional disclosure documents. This change clarifies the reporting obligations for ETF managers regarding continuous disclosure requirements under Regulation 81-106.

Canada

Autorite des marches financiers Quebec

AMENDMENTS TO POLICY STATEMENT TO REGULATION 41-101 RESPECTING GENERAL PROSPECTUS REQUIREMENTS

Part 5A of Policy Statement to Regulation 41-101 respecting General Prospectus Requirements is amended by adding, after section 5A.5, the following: “5A.6. Filing of an ETF facts document without a prospectus An ETF facts document that is filed without a prospectus under section 3D.1 of the Regulation should be filed under the category of “Year 2 ETF Facts – Auto Public” or “Year 2 ETF Facts – Private”. An ETF facts document filed under the category of “Year 2 ETF Facts – Auto Public” should only include the following changes from the most recently filed ETF facts document: (a) the date of the document (Item 1(f) of Part I of Form 41-101F4) (b) the total value of the ETF (Item 2 of Part I of Form 41-101F4) (c) the MER (Item 2 of Part I and Item 1.3(2) of Part II of Form 41-101F4) (d) the average daily volume (Item 2(2) of Part I of Form 41-101F4) (e) the number of days traded (Item 2(2) of Part I of Form 41-101F4) (f) the pricing information (Item 2(3) of Part I of Form 41-101F4) (g) the top 10 investments (Item 3(5) of Part I of Form 41-101F4) (h) the investment mix (Item 3(6) of Part I of Form 41-101F4) (i) the risk rating (Item 4(2) of Part I of Form 41-101F4) (j) the past performance (Item 5 of Part I of Form 41-101F4) (k) the TER (Item 1.3(2) of Part II of Form 41-101F4), and (l) the ETF expenses (Item 1.3(2) of Part II of Form 41-101F4). If there is a change to the most recently filed ETF facts document that would be considered to be a material change under Part 11 of Regulation 81-106 respecting Investment Fund Continuous Disclosure, then the Year 2 ETF Facts should be filed under the category of “Year 2 ETF Facts – Private”, together with the documents required to be filed under section 3D.1 of the Regulation and section 11.2 of Regulation 81-106 respecting Investment Fund Continuous Disclosure.”.