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2021-10-07

Regulation to amend Regulation 81-102 respecting Investment Funds

The regulator amends Regulation 81-102 respecting Investment Funds to update disclosure requirements by adding ETF facts documents to the definition of sales communications. The amendments remove references to preliminary and annual information forms across multiple sections while updating French text to align with new annex structures. The regulation comes into force on January 6, 2022, with a transition period allowing compliance with prior versions until September 6, 2022.

Canada

Autorite des marches financiers Quebec

REGULATION TO AMEND REGULATION 81-102 RESPECTING INVESTMENT FUNDS Securities Act (chapter V-1.1, s. 331.1, par. (6), (8), (12), (16) and (34))

Section 1.1 of Regulation 81-102 respecting Investment Funds (chapter V-1.1, r. 39) is amended, in paragraph (b) of the definition of the expression “sales communication”: (1) by deleting subparagraph (2); (2) by inserting, after subparagraph (3), the following: “3.1. An ETF facts document or preliminary or pro forma ETF facts document.”.
Section 3.3 of the Regulation is amended by deleting, in paragraph (1), the words “preliminary annual information form,” and “, annual information form”.
Section 5.6 of the Regulation is amended, in subparagraph (f) of paragraph (1): (1) by inserting, in subparagraph (ii) and after the words “fund facts document”, the words “or ETF facts document”; (2) by deleting clause (II) of clause (A) of subparagraph (iii).
Section 5.8 of the Regulation is amended by replacing, in the French text of paragraph (1), the words “ces fonctions suivant le changement direct ou indirect dans le contrôle sur cette personne” with the words “les fonctions de gestionnaire de fonds d’investissement suivant un changement direct ou indirect dans le contrôle de cette personne”.
Section 10.3 of the Regulation is amended by deleting, in paragraphs (2) and (4), the words “or annual information form”.
Section 15.1.1 of the Regulation is amended by replacing, in the French text of paragraph (b), “du Formulaire 81-101F3” with “de l’Annexe 81-101A3”.
Section 15.2 of the Regulation is amended by deleting, in subparagraph (b) of paragraph (1), the words “, the preliminary annual information form” and the words “, the annual information form”.
The Regulation is amended by replacing, wherever they appear in the French text, “du Formulaire 81-101F1” with “de l’Annexe 81-101A1”.
Transition Before 6 September 2022, an investment fund is not required to comply with the Regulation, as amended by this Regulation, if the investment fund complies with (a) the Regulation, as it was in force on 5 January 2022, and (b) Regulation 81-101 respecting Mutual Fund Prospectus Disclosure (chapter V-1.1, r. 38) as it was in force on 5 January 2022.
Effective Date (1) This Regulation comes into force on 6 January 2022. (2) In Saskatchewan, despite paragraph (1), if this Regulation is filed with the Registrar of Regulations after 6 January 2022, this Regulation comes into force on the day on which it is filed with the Registrar of Regulations.