On May 24, 2018, the Canadian Securities Administrators (CSA) released CSA Staff Notice 81-329 Reducing Regulatory Burden for Investment Fund Issuers, which outlines the CSA’s plan to implement four near-term initiatives to lessen the regulatory burden on investment fund issuers. Specifically, CSA staff will undertake to: (i) remove redundant information in disclosure documents; (ii) use the web to provide certain information about funds; (iii) codify exemptive relief that is routinely granted; and (iv) minimize the filing of documents that may contain duplicative information.
The proposed initiatives form part of the CSA Rationalization of Investment Fund Disclosure project, which was launched in March 2017 to identify opportunities to alleviate regulatory burden for investment fund issuers without compromising investor protection and the efficiency of the markets.
The CSA expects to publish for comment proposed rule amendments to address these initiatives by March 2019.