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Mar 11, 2005
The Canadian Securities Administrators (CSA) are releasing a nationally harmonized set of continuous disclosure (CD) requirements for investment funds. The instrument harmonizes CD requirements for investment funds among Canadian jurisdictions and replaces most existing local CD requirements.
It sets out the obligations of investment funds with respect to financial statements, management reports of fund performance, delivery obligations, proxy voting disclosure, annual information forms for investment funds that do not have a current prospectus, material change reporting, information circulars, proxies and proxy solicitation, and certain other CD-related matters.
The instrument prescribes the form which sets out the contents of the management reports of fund performance. The CSA also published today a companion policy to assist users in understanding and applying the instrument and to provide views on the interpretation of certain provisions.
Requirements set out in the new rule will apply as follows for the documents listed:
All other requirements will apply as of June 1, 2005.
These requirements are set out in National Instrument 81-106 Investment Fund Continuous Disclosure, Form 81-106F1 Contents of Annual and Interim Management Report of Fund Performance and Companion Policy 81-106CP Investment Fund Continuous Disclosure, which are made available on several CSA jurisdiction web sites.
The CSA, the council of the securities regulators of Canada's provincesand territories, coordinates and harmonizes regulation for the Canadian capital markets.