The Canadian Securities Administrators (CSA) has published its final amendments to the continuous disclosure regime for investment funds, designed to reduce the regulatory burden on investment fund managers. 

The amendments include exemptions from certain conflict of interest reporting requirements in securities legislation where similar requirements are already satisfied. They eliminate certain class or series-level disclosures from investment fund financial statements. (These are not required under International Financial Reporting Standards.) The amendments also include minor revisions to the simplified prospectus form.

A proposal to replace the existing annual and interim Management Report of Fund Performance (MRFP) with a new annual and interim fund report was also included as a proposal when the CSA sought comments and feedback on the amendments. The CSA indicates that the fund report would be less burdensome for fund managers to prepare and more likely to be read and understood by investors.

“Based on stakeholder feedback, the CSA will develop and test a revised fund report that will be published at a later date for a subsequent comment period,” they write.

The affected and revised instruments include: 

  • National Instrument 81-101 Mutual Fund Prospectus Disclosure
  • National Instrument 81-102 Investment Funds  
  • National Instrument 81-106 Investment Fund Continuous Disclosure 
  • National Instrument 81-107 Independent Review Committee for Investment Funds 
  • Commentary in National Instrument 81-107 Independent Review Committee for Investment Funds 

“We aim to improve the quality of disclosure provided to investors and reduce the unnecessary regulatory burden of certain current investment fund continuous disclosure requirements under securities legislation,” the CSA’s notice of amendments states.

“The purpose of the continuous disclosure modernization project is to modernize the continuous disclosure regime governing investment funds by enhancing the utility of investment fund disclosure for investors while reducing regulatory burden for investment fund managers.” 

In some jurisdictions, ministerial approvals are needed for the implementation of the amendments. It is expected that the changes will take effect on April 22, 2026.