Regulatory Alerts2022-01-27
Regulation to Amend Regulation 81-101 Respecting Mutual Fund Prospectus Disclosure
The Quebec securities regulatory authority amended Regulation 81-101 to modernize mutual fund prospectus disclosure and standardize the transition to fund facts documents. The amendments mandate that all prospectus updates be filed as amended and restated documents with standardized dating, while imposing strict blackline delivery and material change filing requirements on funds distributing securities solely via fund facts documents. A new lapse date framework limits simplified prospectus validity to 24 months but permits a 24-month distribution extension if specific filing milestones are met, featuring an Ontario-specific timeline adjustment and investor cancellation rights for non-compliance.
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