Munier Saloojee

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Exchange-traded fund (ETF) managers are reminded that, as of September 1, 2017, they will be required to file an “ETF Facts” document in conjunction with the filing of any ETF prospectus. Similar to “Fund Facts” for conventional mutual funds, “ETF Facts” are summary disclosure documents for ETFs.  Amendments to National Instrument 41-101 General Prospectus Requirements came into force on March 8, 2017 (Amendments) and established the regime and content requirements under which ETF Facts must…
Last month, provincial securities regulators approved Policy No. 8 (Policy) of The Mutual Fund Dealers Association of Canada (MFDA).  The Policy establishes proficiency standards for mutual fund dealing representatives (Representatives) who wish to sell exchange-traded fund (ETFs). Although Representatives are legally permitted to sell certain types of ETFs (which are a type of mutual fund), to date, the number of Representatives actually doing so has been limited.  Representatives have been restricted both in their access…
On June 18, 2015, the Canadian Securities Administrators (CSA) published proposed legislative amendments to the disclosure framework for exchange-traded funds (ETFs).  If implemented, such amendments will require ETF managers to produce a summary disclosure document called “ETF Facts”.  The ETF Facts for an ETF will need to be filed at the same time as the ETF’s prospectus.  Dealers will also be required to deliver the ETF Facts to investors within two days of…
Overview On January 29, 2015, the Canadian Securities Administrators (CSA) published CSA Staff Notice 81-325 Status Report on Consultation under CSA Notice 81-324 and Request for Comment on Proposed CSA Mutual Fund Risk Classification Methodology for Use in Fund Facts (Staff Notice). As its names  reveals, the Staff Notice was a follow-up to previously issued CSA Staff Notice 81-324 (Previous Staff Notice).  The Previous Staff Notice proposed a new framework and methodology (Proposed Methodology)…
Overview On June 13, 2013, the Canadian Securities Administrators (CSA) published final amendments (Amendments) implementing Stage 2 of the Point of Sale disclosure initiative.  The Amendments address changes to the “Fund Facts” form required for retail Canadian mutual funds and delivery requirements in respect thereof.  As the Amendments are being phased-in through the course of 2014, on September 5, 2013, in order to assist issuers in complying with the new requirements, the Ontario Securities Commission…
Overview On June 24, 2013, the International Organization of Securities Commissions (IOSCO) published its final report (the Report) outlining nine principles against which, in its view, the quality of regulation and industry practices concerning exchange-traded funds (ETFs) can be measured. IOSCO is an international organization that brings together the world’s securities regulators in order to set global standards for the securities industry. IOSCO develops, implements, and promotes adherence to internationally recognized standards for securities regulation. …