Fund Facts delivery requirements finalized

June 25, 2013

The Canadian Securities Administrators recently announced the implementation of the second stage of their point of sale disclosure project for mutual funds. Stage 2 of the project consists of amendments to NI 81-101 Mutual Fund Prospectus Disclosure and related instruments and forms.

The amendments, which are intended to allow for the delivery of Fund Facts to satisfy the requirements to deliver a prospectus within two days of buying a mutual fund, were previously published for comment in August 2011 and June 2012. The released changes take into account feedback received in the latest round of consultations. While no changes were made to the delivery requirements related to Fund Facts, various changes were made to the form.

Subject to Ministerial approvals, the amendments will be phased in beginning on September 1, 2013 and will be fully implemented on June 13, 2014.

As part of Stage 3 of the project, the CSA intend to publish proposed requirements requiring point of sale delivery of Fund Facts for conventional mutual funds. The CSA will also consider requiring a similar document for other types of publicly offered investment funds.

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