Regulation to amend Regulation 81-101 respecting Mutual Fund Prospectus Disclosure

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M.O., 2026-03
Order number V-1.1-2026-03 of the Minister of Finance dated 20 March 2026 Securities Act (chapter V-1.1) CONCER NI NG the Reg ulation to amend Regulation 81-101 respecting Mutual Fund Prospectus Disclosure WHEREAS paragraphs 1, 6, 8 and 19 of section 331.1 of the Securities Act (chapter V-1.1) provide that the Autorité des marchés financiers may make regulations concerning the matters referred to in those paragraphs; WHEREAS the third and fourth paragraphs of
section 331.2 of the said Act provide that a draft regulation
shall be published in the Bulletin de l’Autorité des marchés financiers, accompanied with the notice required under
section 10 of the Regulations Act (chapter R-18.1) and may
not be submitted for approval or be made before 30 days have elapsed since its publication; WHEREAS the first and fifth paragraphs of the said section provide that every regulation made under
section 331.1 must be approved, with or without amend￾ment, by the Minister of Finance and comes into force
on the date of its publication in the Gazette officielle du Québec or on any later date specified in the regulation; WHEREAS the Regulation 81-101 respecting Mutual Fund Prospectus Disclosure was made by the decision no. 2001-C-0283 dated 12 June 2001 (Bulletin de la Commission des valeurs mobilières du Québec, vol. 32, no. 26 of 29 June 2001); WHEREAS there is cause to amend this Regulation; WHEREAS the draft regulation to amend Regulation 81-101 respecting Mutual Fund Prospectus Disclosure was published for consultation in the Bulletin de l’Autorité des marchés financiers, vol. 23, no. 3 of 22 January 2026; WHEREAS the Autorité des marchés financiers made, on 25 February 2026, by the decision no. 2026-PDG-0005, Regulation to amend Regulation 81-101 respecting Mutual Fund Prospectus Disclosure; WHEREAS there is cause to approve this Regulation without amendment; CONSEQUENTLY, the Minister of Finance approves without amendment the Regulation to amend Regula￾tion 81-101 respecting Mutual Fund Prospectus Disclosure appended hereto. 20 March 2026 ERIC GIRARD Minister of Finance

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REGULATIONS AND OTHER ACTS
REGULATION TO AMEND REGULATION 81-101 RESPECTING MUTUAL FUND PROSPECTUS DISCLOSURE Securities Act (chapter V-1.1, s. 331.1, par. (1), (6), (8) and (19))

1. Form 81-101F1 of Regulation 81-101 respecting Mutual Fund Prospectus
   Disclosure (chapter V-1.1, r. 38) is amended:
   (1) in part A:
   (a) by replacing “until receipts for this document are obtained by the mutual fund”, in the statement provided in paragraph (4) of item 1.1, by “until [a receipt/ receipts] for this document [is/are] obtained by the mutual fund”; (b) by striking out “a list of the mutual funds to which the simplified prospectus pertains and” in paragraph (3) of item 2.2; (c) by inserting, after item 18, the following:
   “Item 19 Part B Introduction
   (1) For a multiple SP in which the Part B sections are bound separately from the Part A section and any Part B section is bound separately from any other Part B section, at the option of the mutual fund, disclose under the heading “What Is a Mutual Fund and What Are the Risks of Investing in a Mutual Fund?” all of the following:
   (a) a brief general description of the nature of a mutual fund; (b) the risk factors and other investment considerations that an investor should take into account that are associated with investing in mutual funds generally. (2) At a minimum, in response to the requirements of subsection (1), include disclosure in substantially the following words:
   “Mutual funds own different types of investments, depending upon the fund’s investment objectives. The value of these investments will change from day to day, reflecting changes in interest rates, economic conditions and market and company news. As a result, the value of a mutual fund’s [units/shares] may go up and down, and the value of your investment in a mutual fund may be more or less when you redeem it than when you purchased it.

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[If applicable] The full amount of your investment in any [name of mutual fund family] mutual fund is not guaranteed. Unlike bank accounts or GICs, mutual fund [units/shares] are not covered by the Canada Deposit Insurance Corporation or any other government deposit insurer.”. (3) For a multiple SP in which the Part B sections are bound separately from the Part A section and any Part B section is bound separately from any other Part B section, at the option of the mutual fund, include any information that is applicable to more than one of the mutual funds, including for greater certainty, all of the following:
(a) explanatory information;
(b) risk factors;
(c) investment considerations;
(d) investment restrictions;
(e) descriptions of the securities offered under the simplified prospectus; (f) details regarding the name, formation and history of the mutual fund. (4) Any information included in an introductory section under subsection (3) may be omitted elsewhere in the Part B sections of the document. INSTRUCTIONS:
(1) In providing disclosure under subsection (1), follow the instructions under Item 9 of Part B of this Form, as appropriate. (2) Subsection (3) may be used to avoid the need for repetition of standard information in each Part B section of a multiple SP. (3) Examples of explanatory information that may be disclosed under subsection (3) at the option of the mutual fund are (a) definitions or explanations of terms used in each
Part B section, such as “portfolio turnover rate” and “management expense ratio”, and
(b) a discussion or explanation of the tables or charts that are required in each Part B section of the document.

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(4) Examples of the risks that may be disclosed under subsection (3) at the option of the mutual fund are stock market risk, interest rate risk, foreign security risk, foreign currency risk, specialization risk and risk associated with the use of derivatives. If risk disclosure is provided under that subsection, the fund-specific disclosure about each mutual fund described in the document must contain a reference to the appropriate parts of this risk disclosure. (5) Item 2 of Part B of this Form is similar to this Item. For a multiple SP in which the Part B sections are bound separately from the Part A section and any Part B section is bound separately from any other Part B section, a mutual fund organization may include this Item either at the end of the Part A section of the multiple SP, or at the beginning of the Part B section, at its option. In all other cases, this Item must be included at the beginning of the Part B section.”; (2) in part B:
(a) by adding, after instruction (4) of item 2, the following:
“(5) Item 19 of Part A of this Form is similar to this Item. For a multiple SP in which the Part B sections are bound separately from the Part A section and any Part B section is bound separately from any other Part B section, a mutual fund organization may include this Item either at the end of the Part A section of the multiple SP, or at the beginning of the Part B section, at its option. In all other cases, this Item must be included at the beginning of the Part B section.”; (b) by replacing paragraph (2) of item 8 by the following:
“(2) State the laws under which the mutual fund was formed, the date and manner of its formation and the date on which it started.”.
2. Form 81-101F2 of the Regulation is amended, in the statement provided in
paragraph (2) of item 24:
(1) by replacing “the Fund[s] is available in the Fund[’s/s’] Fund Facts, management reports of fund performance”, in the first paragraph, by “the fund[s] is available in the fund[’s/s’] Fund Facts, fund reports”; (2) by replacing “Fund[s]”, in the third paragraph, by “fund[s]”. Effective Date
3. This Regulation comes into force on 22 April 2026.
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