TORONTO, June 25 /CNW/ - The Canadian Securities Administrators (CSA) today published for comment proposed amendments to National Instrument 81-102 Mutual Funds and related instruments, which represents the first phase of the modernization of investment fund product regulation.
The proposed amendments are part of a process to update existing regulation of mutual funds in the wake of product developments in recent years. The amendments include proposals to:
- codify the exemptive relief from regulatory requirements which was
frequently granted to certain mutual funds, such as exchange-traded
- create new requirements for money market funds.
"These amendments are intended to simplify processes and reduce regulatory costs incurred by both new and existing mutual funds," said Jean St-Gelais, Chair of the CSA and President and Chief Executive Officer of the Autorité des marchés financiers (Québec). "This is an important first step in the CSA's approach to modernize existing mutual fund product regulation."
The proposed amendments to National Instrument 81-102 Mutual Funds as well as related instruments, including National Instrument 81-106 Investment Fund Continuous Disclosure, and the CSA Notice and Request for Comments are available on various CSA members' websites. The comment period is open until September 24, 2010.
The second phase of the modernization initiative is expected to focus on the requirements applicable to non-conventional investment funds such as exchange-traded funds, as well as on updating the existing mutual fund requirements.
The CSA, the council of securities regulators of Canada's provinces and territories, coordinates and harmonizes regulation for the Canadian capital markets.
SOURCE Canadian Securities Administrators
For further information: For further information: Theresa Ebden, Ontario Securities Commission, 416-593-8307; Sylvain Théberge, Autorité des marchés financiers, 514-940-2176; Mark Dickey, Alberta Securities Commission, 403-297-4481; Brenda Lea Brown, British Columbia Securities Commission, 604-899-6554; Ainsley Cunningham, Manitoba Securities Commission, 204-945-4733; Wendy Connors-Beckett, New Brunswick Securities Commission, 506-643-7745; Natalie MacLellan, Nova Scotia Securities Commission, 902-424-8586; Barbara Shourounis, Saskatchewan Financial Services Commission, 306-787-5842; Janice Callbeck, PEI Securities Office, Office of the Attorney General, 902-368-6288; Doug Connolly, Financial Services Regulation Div., Newfoundland and Labrador, 709-729-2594; Fred Pretorius, Yukon Securities Registry, 867-667-5225; Louis Arki, Nunavut Securities Office, 867-975-6587; Donn MacDougall, Northwest Territories Securities Office, 867-920-8984