For Immediate Release
October 6, 2010 

Canadian Securities Regulators Implement Improved Disclosure for Mutual Fund Investors 

Toronto – The Canadian Securities Administrators (CSA) today published amendments to National Instrument 81-101 Mutual Fund Prospectus Disclosure, its Forms and Companion Policy, as well as related rule amendments, that are aimed at providing investors with more meaningful and effective mutual fund disclosure. 

Effective January 1, 2011, mutual fund companies will be required to produce a new document, called “Fund Facts”, for each class or series for each of their mutual funds. Mutual fund companies must make the Fund Facts available to investors on their website and upon request by the investor no later than July 8, 2011. 

Fund Facts highlights key information for investors, including a description of the fund, and the performance, risks and costs of buying and owning the fund, in a short, easy-to-read document. 

“The new Fund Facts document is designed to help investors better understand the basic features of a fund and compare different funds they may be considering,” said Jean St-Gelais, Chair of the CSA and President and Chief Executive Officer of the Autorité des marchés financiers (Québec). “This important investor initiative will provide investors with the opportunity to make more informed investment decisions.” 

The Fund Facts document completes the first stage of the CSA’s implementation of the point of sale disclosure project for mutual funds. Next, the CSA expects to publish for comment a proposal to allow delivery of the Fund Facts instead of the simplified prospectus to satisfy existing delivery requirements under securities legislation. Currently, investors must receive a simplified prospectus within two days of buying a fund. 

In the final stage, the CSA intends to publish for further comment requirements for point of sale delivery of the Fund Facts for mutual funds. The CSA will also consider point of sale disclosure for other types of publicly offered investment funds.  

The CSA, the council of the securities regulators of Canada’s provinces and territories, co-ordinates and harmonizes regulation for the Canadian capital markets.

For more 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