For Immediate ReleaseJune 21, 2012
Toronto – The Canadian Securities Administrators (CSA) today published for a second comment period proposed amendments to National Instrument 81-101 Mutual Fund Prospectus Disclosure, which were originally published in August 2011 (2011 Proposal).
In the 2011 Proposal, the CSA set out Stage 2 of the implementation of the point of sale framework for mutual funds, which proposed amendments to allow delivery of the Fund Facts document to satisfy prospectus delivery requirements. The Fund Facts document is central to the point of sale initiative. It is in plain language, no more than two pages double-sided and highlights key information about a mutual fund that is important to investors.
Based on investor and stakeholder feedback on the 2011 Proposal, the CSA are now proposing changes to the content of the Fund Facts document, in particular, the presentation of risk in the document. Some of the more notable changes to the Fund Facts document include:
“The CSA’s proposals are an important step in the implementation of this investor-focused initiative,” said Bill Rice, Chair of the CSA and Chair and CEO of the Alberta Securities Commission. “The proposed changes to the Fund Facts are intended to provide more effective disclosure to assist investors in making informed investment decisions.”
During the second comment period, the CSA will also conduct further document testing of the Fund Facts with investors to inform the final changes to the document.
To view the proposed amendments, please refer to the CSA Notice on NI 81-101 Mutual Fund Prospectus Disclosure, which is available on the websites of CSA members. A sample Fund Facts including the proposed changes is available in Appendix A of the Notice. The comment period is open until September 6, 2012.
The CSA, the council of the securities regulators of Canada’s provinces and territories, co-ordinate and harmonize regulation for the Canadian capital markets.
Carolyn Shaw-RimmingtonOntario Securities Commission416-593-2361
Mark DickeyAlberta Securities Commission 403-297-4481
Sylvain ThébergeAutorité des marchés financiers514-940-2176
Richard GilhooleyBritish Columbia Securities Commission604-899-6713
Ainsley CunninghamManitoba Securities Commission204-945-4733
Wendy Connors-BeckettNew Brunswick Securities Commission506 643-7745
Tanya WiltshireNova Scotia Securities Commission902-424-8586
Dean MurrisonSaskatchewan Financial Services Commission306-787-5879
Janice CallbeckPEI Securities OfficeOffice of the Attorney General902-368-6288
Doug ConnollyFinancial Services Regulation Div.Newfoundland and Labrador709-729-2594
Helena HrubesovaYukon Securities Office867-667-5466
Louis ArkiNunavut Securities Office867-975-6587
Donn MacDougallNorthwest TerritoriesSecurities Office867-920-8984
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