Modernization of Investment Funds Final Amendments of Phase 2

Size: px
Start display at page:

Download "Modernization of Investment Funds Final Amendments of Phase 2"

Transcription

1 Modernization of Investment Funds Final Amendments of Phase 2 Presentation to the Portfolio Management Association of Canada s Compliance Officers Network September 16, 2014 Kimberly J. Poster, Partner

2 Agenda Background Material Amendments Impacting Closed-End Funds Material Amendments Impacting Mutual Funds CSA Next Steps 2

3 Background CSA reviewed publicly offered investment funds to consider if their approach to different types of investment funds (i) addresses product and market developments and (ii) protects investors Part 1 dealt with codifying exemptive relief provided to retail mutual funds completed Part 2 has 3 key components: o Core investment restrictions and operational requirements for non-redeemable investment funds o Disclosure requirements for securities lending activities by all investment funds o A more comprehensive alternative funds framework future project 3

4 Background (continued) Amendments to National Instrument Mutual Funds, National Instrument Investment Fund Continuous Disclosure, National Instrument Mutual Fund Prospectus Disclosure, and National Instrument General Prospectus Requirements in force September 22,

5 Funds Investment Restrictions Restricts purchases to 10% of the outstanding equity securities of an issuer (section 2.2 of NI ) New restriction on purchasing a security for the purpose of exercising control over an issuer Control restrictions come into force for existing funds on March 21, 2016 Restriction on purchasing real property, or interests in certain loan syndications/participations (sections 2.3(2)(a) and (c) of NI ) Applicable to existing funds as of March 21,

6 Funds Investment Restrictions (continued) No purchase of non-guaranteed mortgages (section 2.3(2)(b) of NI ) Mortgage restriction does not apply for funds that have received a prospectus receipt before September 22 AND have fundamental investment objectives to permit them to invest in mortgages (with caveats) 6

7 Funds Fund-on-Fund Non-redeemable fund may invest in another investment fund if the investment complies with 2.5(2) of NI applicable to non-redeemable funds [i.e. generally same rules as for conventional mutual funds except as noted below] Underlying fund must be subject to NI or comply with provisions applicable to non-redeemable investment funds (s. 2.5(2)(a.1) of NI ) Underlying fund must be a reporting issuer in at least one Canadian jurisdiction in which the top fund is a reporting issuer (s. 2.5(2)(c.1) of NI ) 7

8 Funds Fund-on-Fund (continued) Exemptive relief might be required for existing funds that invest in foreign investment funds case-by-case basis Apply to existing funds as of March 21,

9 Funds Securities Lending Regime for securities lending, repurchase and reverse repurchase transactions extended to non-redeemable investment funds (ss of NI ) Aggregate market value of securities loaned or sold in repurchase transactions must not exceed 50% of NAV [currently 50% of total assets] (ss. 2.12(1)12 and 2.13(1)11 of NI ) Change in force September 21,

10 Funds Conflicts of Interest, Fundamental Changes Conflict of interest provisions extended to non-redeemable investment funds (Part 4 of NI ) Security holder and regulatory approval requirements extended to non-redeemable investment funds (Part 5 of NI ) 10

11 Funds Conflicts of Interest, Fundamental Changes (continued) Prior security holder approval before implementing a change to the nature or structure of an investment fund (e.g. converting a non-redeemable investment fund to a mutual fund or a corporate issuer; exception for flowthrough funds) AND fund can not bear the costs (s. 5.1(1)(h) and s. 5.1(2) of NI ) New condition on pre-approved merger that fund allow redemptions at NAV prior to the merger (s. 5.6(1)(j) of NI ) and merger must be effected at NAV (s. 5.6(1)(k) of NI ) 11

12 Funds Other Operational Matters Terminate between days after filing a press release disclosing intention to terminate (s of NI ) Extend custodial requirements to all non-redeemable investment funds (Part 6 of NI ) Issuances of securities can not cause dilution to existing security holders (s. 9.2(2) of NI ) Restriction on issuing warrants, rights, or entering into a position in a specified derivative if the underlying interest is a security of the fund (Part 9.1 of NI ) New requirements relating to redemptions (Part 10 of NI ) 12

13 Funds Other Operational Matters (continued) Rules relating to sales communications extended to nonredeemable investment funds (Part 15 of NI ), with certain modifications existing materials printed before September 22, 2014 can be used until March 23, 2015 Non-redeemable funds that convert to mutual funds must present past performance data for the period when they existed as a non-redeemable fund 13

14 Funds Securities Lending Disclosure Notes to financial statements will have to reconcile the gross amount generated from securities lending to the revenue (s. 3.8(4) of NI ), including: o Identity of person entitled to receive payments o Amount person is entitled to receive Prospectus to disclose the name of the securities lending agent and relationship of agent to manager Prospectus/AIF to disclose a description of the essential terms of any securities lending agreement (item of Form F2) Impacts private funds subject to NI Compliance not required for financial years beginning before January 1,

15 Material Amendments Impacting Mutual Funds (non exhaustive list) Mutual funds may not invest in a non-redeemable investment fund (s. 2.5(2) of NI ) as of March 21, 2016 Aggregate market value of securities loaned or sold in repurchase transactions must not exceed 50% of NAV [currently 50% of total assets] (ss. 2.12(1)12 and 2.13(1)11 of NI ) as of September 21, 2015 Prior security holder approval before implementing a change to the nature or structure of an investment fund (e.g. converting a mutual fund to a non-redeemable investment fund or a corporate issuer) AND fund cannot bear the costs (s. 5.1(1)(h) and s. 5.1(2) of NI ) 15

16 Material Amendments Impacting Mutual Funds (continued) Restriction on issuing warrants, rights, or entering into a position in a specified derivative if the underlying interest is a security of the fund (Part 9.1 of NI ) Securities lending disclosure (Item of Form F2) 16

17 CSA Next Steps Alternative funds proposals (amendments to National Instrument Commodity Pools) Investment restrictions for non-redeemable investment funds (e.g. physical commodities, short selling, the use of derivatives, borrowing cash) Continued review of issuer concentration restriction and illiquid asset restriction Review of payment of organizational costs in connection with conversions to a mutual fund Potential new quantitative disclosure requirements for securities lending 17

18 Issuer Next Steps Review of current investment restrictions and operational requirements in fund documentation keep an eye on transition periods Consider approval requirements for amendments under constating documents and material contracts Investment reallocation, if needed Consider if exemptive relief will be needed Review sales communications for compliance with NI Record information required for comparative financial statements with respect to securities lending activities 18

19 Questions or Comments? Kimberly Poster This presentation has been prepared for discussion purposes only. It should not be considered or construed as legal advice respecting any particular matter or issue. Persons requiring advice relating to matters discussed in this presentation should contact their professional advisors.

securities bulletin phase 2 of the modernization of investment fund product regulation project closed-end funds

securities bulletin phase 2 of the modernization of investment fund product regulation project closed-end funds May 2013 securities bulletin phase 2 of the modernization of investment fund product regulation project closed-end funds CSA proposes investment restrictions for closed-end funds This is the third in a

More information

INVESTMENT MANAGEMENT BULLETIN

INVESTMENT MANAGEMENT BULLETIN INVESTMENT MANAGEMENT BULLETIN APRIL 2013 MOVING BEYOND MUTUAL FUNDS - NEW PROPOSED REGULATIONS FOR PUBLIC CLOSED-END FUNDS AND ALTERNATIVE FUNDS On March 27, 2013, the Canadian Securities Administrators

More information

Please find following our comments on the above noted proposed amendments.

Please find following our comments on the above noted proposed amendments. June 25, 2013 British Columbia Securities Commission Alberta Securities Commission Financial and Consumer Affairs Authority of Saskatchewan Manitoba Securities Commission Ontario Securities Commission

More information

NATIONAL INSTRUMENT 81-102 MUTUAL FUNDS

NATIONAL INSTRUMENT 81-102 MUTUAL FUNDS This document is an unofficial consolidation of all amendments to National Instrument 81-102 Mutual Funds and Companion Policy 81-102CP, applying from September 28, 2009. This document is for reference

More information

NATIONAL INSTRUMENT 81-104 COMMODITY POOLS TABLE OF CONTENTS

NATIONAL INSTRUMENT 81-104 COMMODITY POOLS TABLE OF CONTENTS NATIONAL INSTRUMENT 81-104 COMMODITY POOLS TABLE OF CONTENTS PART 1 DEFINITIONS, APPLICATION AND INTERPRETATION 1.1 Definitions 1.2 Application 1.3 Interpretation PART 2 INVESTMENT RESTRICTIONS AND PRACTICES

More information

In the Matter of the Securities Legislation of British Columbia and Ontario (the Jurisdictions) and

In the Matter of the Securities Legislation of British Columbia and Ontario (the Jurisdictions) and Citation: 2016 BCSECCOM 95 Headnote Multilateral Instrument 11-102 Passport System National Policy 11-203 Process for Exemptive Relief Applications in Multiple Jurisdictions National Instrument 81-102

More information

National Policy Statement 29 Mutual Funds Investing in Mortgages SECTION III INVESTMENT POLICY SECTION IV DISCLOSURE

National Policy Statement 29 Mutual Funds Investing in Mortgages SECTION III INVESTMENT POLICY SECTION IV DISCLOSURE National Policy Statement 29 Mutual Funds Investing in Mortgages SECTION I SECTION II APPLICABILITY DEFINITIONS SECTION III INVESTMENT POLICY SECTION IV DISCLOSURE National Policy Statement 29 Mutual Funds

More information

REGULATION 81-104 RESPECTING COMMODITY POOLS

REGULATION 81-104 RESPECTING COMMODITY POOLS UNOFFICIAL CONSOLIDATED VERSION : IN FORCE FROM MARCH 17, 2008 TO SEPTEMBER 27, 2009 REGULATION 81-104 RESPECTING COMMODITY POOLS PART 1 DEFINITIONS, APPLICATION AND INTERPRETATION 1.1 Definitions (1)

More information

National Instrument 62-103 The Early Warning System and Related Take-Over Bid and Insider Reporting Issues. Table of Contents

National Instrument 62-103 The Early Warning System and Related Take-Over Bid and Insider Reporting Issues. Table of Contents National Instrument 62-103 The Early Warning System and Related Take-Over Bid and Insider Reporting Issues Table of Contents PART PART 1 PART 2 PART 3 PART 4 PART 5 PART 6 TITLE DEFINITIONS AND INTERPRETATION

More information

BMO Mutual Funds 2015

BMO Mutual Funds 2015 BMO Mutual Funds 2015 SEMI-ANNUAL FINANCIAL STATEMENTS BMO Select Trust Conservative Portfolio NOTICE OF NO AUDITOR REVIEW OF THE SEMI-ANNUAL FINANCIAL STATEMENTS BMO Investments Inc., the Manager of the

More information

PROSPECTUS. First Asset Canadian REIT ETF 1 (the First Asset ETF )

PROSPECTUS. First Asset Canadian REIT ETF 1 (the First Asset ETF ) No securities regulatory authority has expressed an opinion about these securities and it is an offence to claim otherwise. This prospectus constitutes a public offering of these securities only in those

More information

Series A shares, Series F shares, Series I shares, Series D shares, Series XA shares, Series XF shares, Series XUA shares and Series XUF shares

Series A shares, Series F shares, Series I shares, Series D shares, Series XA shares, Series XF shares, Series XUA shares and Series XUF shares A copy of this annual information form has been filed with the securities authorities in each of the provinces and territories of Canada but has not yet become final for the purpose of a distribution.

More information

DECEMBER 8, 2010 FINANCIAL MARKETS UPDATE. SEC Proposes Rules Exempting Certain Private Fund Advisers from Investment Adviser Registration.

DECEMBER 8, 2010 FINANCIAL MARKETS UPDATE. SEC Proposes Rules Exempting Certain Private Fund Advisers from Investment Adviser Registration. December 8, 2010 FINANCIAL MARKETS UPDATE SEC Proposes Rules Exempting Certain Private Fund Advisers from Investment Adviser Registration The Securities and Exchange Commission (the SEC ) has published

More information

Annual Information Form dated May 12, 2016

Annual Information Form dated May 12, 2016 Offering securities of the Investor Series, unless otherwise indicated (and securities of the Advisor, F, Institutional, M, O, R, F5, T5, T, E, FT, N and NR Series where indicated). Annual Information

More information

Request for Comments

Request for Comments Chapter 6 Request for Comments 6.1.1 Notice of Proposed Amendments to NI 81-102 Mutual Funds and NI 81-106 Investment Fund Continuous Disclosure, and Related Consequential Amendments Introduction NOTICE

More information

HSBC Mutual Funds. Simplified Prospectus June 8, 2015

HSBC Mutual Funds. Simplified Prospectus June 8, 2015 HSBC Mutual Funds Simplified Prospectus June 8, 2015 Offering Investor Series, Advisor Series, Premium Series, Manager Series and Institutional Series units of the following Funds: HSBC Global Corporate

More information

NATIONAL INSTRUMENT 81-106 INVESTMENT FUND CONTINUOUS DISCLOSURE

NATIONAL INSTRUMENT 81-106 INVESTMENT FUND CONTINUOUS DISCLOSURE This document is an unofficial consolidation of all amendments to National Instrument 81-106 Investment Fund Continuous Disclosure and Companion Policy 81-106CP, applying from January 1, 2014. This document

More information

Important Information about Closed-End Funds and Unit Investment Trusts

Important Information about Closed-End Funds and Unit Investment Trusts Robert W. Baird & Co. Incorporated Important Information about Closed-End Funds and Unit Investment Trusts Baird has prepared this document to help you understand the characteristics and risks associated

More information

New Canadian reporting requirements for Canadian private placement sales

New Canadian reporting requirements for Canadian private placement sales April 14 2016 UPDATE New Canadian reporting requirements for Canadian private placement sales Authors: Rob Lando, Lori Stein Posted in Resources > Canadian Legislation & Regulations NEW TRADE REPORT REQUIREMENTS

More information

HSBC Mutual Funds. Simplified Prospectus June 15, 2016

HSBC Mutual Funds. Simplified Prospectus June 15, 2016 HSBC Mutual Funds Simplified Prospectus June 15, 2016 Offering Investor Series, Advisor Series, Premium Series, Manager Series and Institutional Series units of the following Funds: Cash and Money Market

More information

CHAPTER 16 INVESTMENT ENTITIES

CHAPTER 16 INVESTMENT ENTITIES CHAPTER 16 INVESTMENT ENTITIES Introduction 16.1 This Chapter sets out the requirements for the listing of the securities of investment entities, which include investment companies, unit trusts, closed-end

More information

Mutual Funds. National Instrument 81-102 Companion Policy 81-102CP. January 28, 2000 57 (2000) 23 OSCB(Supp.)

Mutual Funds. National Instrument 81-102 Companion Policy 81-102CP. January 28, 2000 57 (2000) 23 OSCB(Supp.) Mutual Funds National Instrument 81-102 Companion Policy 81-102CP January 28, 2000 57 (2000) 23 OSCB(Supp.) This Page Intentionally left blank January 28, 2000 58 (2000) 23 OSCB(Supp.) NATIONAL INSTRUMENT

More information

AND IN THE MATTER OF THE MUTUAL RELIANCE REVIEW SYSTEM FOR EXEMPTIVE RELIEF APPLICATIONS AND IN THE MATTER OF TD ASSET MANAGEMENT INC.

AND IN THE MATTER OF THE MUTUAL RELIANCE REVIEW SYSTEM FOR EXEMPTIVE RELIEF APPLICATIONS AND IN THE MATTER OF TD ASSET MANAGEMENT INC. July 28, 2005 IN THE MATTER OF THE SECURITIES LEGISLATION OF BRITISH COLUMBIA, ALBERTA, SASKATCHEWAN, MANITOBA, ONTARIO, QUEBEC, NEW BRUNSWICK, NOVA SCOTIA, PRINCE EDWARD ISLAND, NEWFOUNDLAND AND LABRADOR,

More information

CLIENT RELATIONSHIP DISCLOSURE STATEMENT

CLIENT RELATIONSHIP DISCLOSURE STATEMENT A. INTRODUCTION CLIENT RELATIONSHIP DISCLOSURE STATEMENT Securities legislation in Canada requires Deans Knight Capital Management Ltd. ( Deans Knight or the firm ) to provide you with certain information

More information

TD Mutual Funds Fund Profiles

TD Mutual Funds Fund Profiles TD Mutual Funds Fund Profiles Fixed Income Funds TD Ultra Short Term Bond Fund TD Short Term Bond Fund TD Mortgage Fund TD Canadian Bond Fund TD Income Advantage Portfolio July 21, 2010 TD Canadian Core

More information

Exchange-Traded Fund RiverFront Dynamic Unconstrained Income ETF RiverFront Dynamic Core Income ETF

Exchange-Traded Fund RiverFront Dynamic Unconstrained Income ETF RiverFront Dynamic Core Income ETF Regulatory Bulletin RB-16-86 To: Subject: ETP HOLDERS RIVERFRONT DYNAMIC UNCONSTRAINED INCOME ETF RIVERFRONT DYNAMIC CORE INCOME ETF Compliance and supervisory personnel should note that, among other things,

More information

NATIONAL INSTRUMENT 31-103 REGISTRATION REQUIREMENTS AND EXEMPTIONS. Table of Contents

NATIONAL INSTRUMENT 31-103 REGISTRATION REQUIREMENTS AND EXEMPTIONS. Table of Contents NATIONAL INSTRUMENT 31-103 REGISTRATION REQUIREMENTS AND EXEMPTIONS Table of Contents Part 1 Interpretation 1.1 Definitions of terms used throughout this Instrument 1.2 Interpretation of securities in

More information

ScotiaFunds. Annual Information Form. May 12, 2014

ScotiaFunds. Annual Information Form. May 12, 2014 ScotiaFunds Annual Information Form May 12, 2014 Scotia Short Term Yield Class (Series M shares) Scotia Conservative Government Bond Capital Yield Class (Series A and M shares) Scotia Canadian Corporate

More information

3 Managed Asset Program. Simplified Prospectus

3 Managed Asset Program. Simplified Prospectus SIMPLIFIED PROSPECTUS JUNE 30, 2015 3 Managed Asset Program Simplified Prospectus iprofile Pools: iprofile Canadian Equity Pool iprofile U.S. Equity Pool iprofile International Equity Pool iprofile Emerging

More information

GUARDIAN CAPITAL FUNDS

GUARDIAN CAPITAL FUNDS GUARDIAN CAPITAL FUNDS SIMPLIFIED PROSPECTUS DATED APRIL 20, 2015 Offering Series W and Series I units Guardian Balanced Fund Guardian Balanced Income Fund Guardian Canadian Bond Fund Guardian Canadian

More information

Annual Information Form dated October 23, 2015

Annual Information Form dated October 23, 2015 Offering securities of the Investor Series, unless otherwise indicated (and securities of the Advisor, F, Institutional, M, O, R, F5, T5, T, E, FT, N and NR Series where indicated). Annual Information

More information

SUMMARY OF KEY CAPITAL RAISING PROSPECTUS EXEMPTIONS IN ONTARIO

SUMMARY OF KEY CAPITAL RAISING PROSPECTUS EXEMPTIONS IN ONTARIO SUMMARY OF KEY CAPITAL RAISING PROSPECTUS EXEMPTIONS IN ONTARIO JANUARY 28, 2016 TABLE OF CONTENTS Background and Purpose of Summary p. 1-2 Table 1: Comparison Table of Key Capital Raising Prospectus Exemptions

More information

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q È QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended

More information

Series of Shares B, B-6, E, F, F-6, O B, E, F, O O A, B

Series of Shares B, B-6, E, F, F-6, O B, E, F, O O A, B No securities regulatory authority has expressed an opinion about these securities and it is an offence to claim otherwise. The Funds and their securities offered under this Annual Information Form are

More information

Guidance on Insider and Significant Shareholder Markers

Guidance on Insider and Significant Shareholder Markers Rules Notice Guidance Note UMIR Please distribute internally to: Legal and Compliance Trading Contact: Timothy Ryan Director, Market Regulation Policy Telephone: 416.646.7266 Fax: 416.646.7265 e-mail:

More information

Exempt Market Dealers 101

Exempt Market Dealers 101 Ontario Securities Commission Exempt Market Dealers 101 April 2014 Sandra Blake, Senior Legal Counsel, Dealer Team Maria Carelli, Senior Accountant, Dealer Team Karin Hui, Accountant, Dealer Team Disclaimer

More information

APPENDIX IV-10 FORM HUD 1731 - PROSPECTUS GINNIE MAE I MORTGAGE-BACKED SECURITIES (CONSTRUCTION AND PERMANENT LOAN SECURITIES)

APPENDIX IV-10 FORM HUD 1731 - PROSPECTUS GINNIE MAE I MORTGAGE-BACKED SECURITIES (CONSTRUCTION AND PERMANENT LOAN SECURITIES) GINNIE MAE 5500.3, REV. 1 APPENDIX IV-10 FORM HUD 1731 - PROSPECTUS GINNIE MAE I MORTGAGE-BACKED SECURITIES (CONSTRUCTION AND PERMANENT LOAN SECURITIES) Applicability: Purpose: Prepared by: Prepared in:

More information

GOLDMAN SACHS VARIABLE INSURANCE TRUST

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOLDMAN SACHS VARIABLE INSURANCE TRUST Institutional and Service Shares of the Goldman Sachs Money Market Fund (the Fund ) Supplement dated July 29, 2015 to the Prospectuses and Summary Prospectuses, each

More information

GLOBEVEST CAPITAL SECURED PUT WRITING FUND Series A, AH, A3, A5, F, FH, F6H, I, IH, O and OH Units

GLOBEVEST CAPITAL SECURED PUT WRITING FUND Series A, AH, A3, A5, F, FH, F6H, I, IH, O and OH Units No securities regulatory authority has expressed an opinion about these units and it is an offence to claim otherwise. The mutual fund and the units offered under this simplified prospectus are not registered

More information

Ontario Securities Commission

Ontario Securities Commission Ontario Securities Commission OSC Staff Notice 81-727 Report on Staff s Continuous Disclosure Review of Mutual Fund Practices Relating to Portfolio Liquidity June 25, 2015 Purpose of this Notice Staff

More information

ONTARIO SECURITIES COMMISSION STAFF NOTICE 45-702 FREQUENTLY ASKED QUESTIONS. ONTARIO SECURITIES COMMISSION RULE 45-501 - Exempt Distributions

ONTARIO SECURITIES COMMISSION STAFF NOTICE 45-702 FREQUENTLY ASKED QUESTIONS. ONTARIO SECURITIES COMMISSION RULE 45-501 - Exempt Distributions ONTARIO SECURITIES COMMISSION STAFF NOTICE 45-702 FREQUENTLY ASKED QUESTIONS ONTARIO SECURITIES COMMISSION RULE 45-501 - Exempt Distributions Background On November 30, 2001, revised Rule 45-501 Exempt

More information

arranges a mortgage in which another person is to be the lender; arranges the sale of a mortgage lender s interest in a mortgage to a new lender; or

arranges a mortgage in which another person is to be the lender; arranges the sale of a mortgage lender s interest in a mortgage to a new lender; or The Registrar of Mortgage Brokers www.fic.gov.bc.ca Information Bulletin Bulletin Number: MB 11-005 Topic: FORM 9 LENDER DISCLOSURE STATEMENT Issue Date: JULY 2011 (updated December 2014) To assist brokers

More information

NORTH AMERICAN HIGH YIELD BOND FUND (PUTNAM)

NORTH AMERICAN HIGH YIELD BOND FUND (PUTNAM) MANAGEMENT REPORT Management s Responsibility for Financial Reporting The accompanying financial statements have been prepared by Mackenzie Financial Corporation, as Manager of North American High Yield

More information

The text boxes in this document are for explanatory purposes only and are not part of the Instrument or the Companion Policy.

The text boxes in this document are for explanatory purposes only and are not part of the Instrument or the Companion Policy. This document is an unofficial consolidation of all amendments to National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations (NI 31-103) and its Companion Policy,

More information

Capital Assistance Program. Mandatorily Convertible Preferred Stock and Warrants

Capital Assistance Program. Mandatorily Convertible Preferred Stock and Warrants Capital Assistance Program Mandatorily Convertible Preferred Stock and Warrants Summary of Mandatorily Convertible Preferred Stock ( Convertible Preferred ) Terms Issuer: Application Process: Qualifying

More information

AMENDMENT TO NATIONAL INSTRUMENT 81-102 MUTUAL FUNDS. (1) National Instrument 81-102 Mutual Funds is amended by this Instrument.

AMENDMENT TO NATIONAL INSTRUMENT 81-102 MUTUAL FUNDS. (1) National Instrument 81-102 Mutual Funds is amended by this Instrument. AMENDMENT TO NATIONAL INSTRUMENT 81-102 MUTUAL FUNDS PART 1 AMENDMENTS 1.1 Amendments (1) National Instrument 81-102 Mutual Funds is amended by this Instrument. (2) Section 1.1 is amended by (a) the deletion

More information

SIMPLIFIED PROSPECTUS NOVEMBER 12, 2015

SIMPLIFIED PROSPECTUS NOVEMBER 12, 2015 SIMPLIFIED PROSPECTUS NOVEMBER 12, 2015 Offering Series A, Series A1, Series F, Series I, Series P, Series PF, Series Q and Series QF Shares SPROTT FOCUSED GLOBAL BALANCED CLASS* SPROTT FOCUSED GLOBAL

More information

COMPANION POLICY 31-103CP REGISTRATION REQUIREMENTS AND EXEMPTIONS. Table of Contents

COMPANION POLICY 31-103CP REGISTRATION REQUIREMENTS AND EXEMPTIONS. Table of Contents COMPANION POLICY 31-103CP REGISTRATION REQUIREMENTS AND EXEMPTIONS Table of Contents Part 1 Definitions and fundamental concepts 1.1 Introduction 1.2 Definitions 1.3 Fundamental concepts Individual registration

More information

Cross Border Tax Issues

Cross Border Tax Issues Cross Border Tax Issues By Reinhold G. Krahn December 2000 This is a general overview of the subject matter and should not be relied upon as legal advice or opinion. For specific legal advice on the information

More information

Corporate Finance and Mergers &

Corporate Finance and Mergers & Corporate Finance and Mergers & Acquisitions 25 Corporate Finance and Mergers & Acquisitions Canada has well-developed and sophisticated capital markets. The main sources of capital are Canadian chartered

More information

Simplified Prospectus dated December 19, 2014

Simplified Prospectus dated December 19, 2014 Simplified Prospectus dated December 19, 2014 RESPECTING MUTUAL FUND SHARES OF MARQUEST MUTUAL FUNDS INC. - Explorer Series Fund (Series A/Rollover, Series A/Regular, Series F and Series I) MARQUEST MUTUAL

More information

SEC Issues Liquidity Risk Management and Swing Pricing Proposal for Open-End Investment Funds

SEC Issues Liquidity Risk Management and Swing Pricing Proposal for Open-End Investment Funds SEC Issues Liquidity Risk Management and Swing Pricing Proposal for Open-End Investment Funds Proposed Rule and Amendments to Rules and Forms Would Require Open-End Funds to Implement Liquidity Risk Management

More information

PRINCIPLES FOR PERIODIC DISCLOSURE BY LISTED ENTITIES

PRINCIPLES FOR PERIODIC DISCLOSURE BY LISTED ENTITIES PRINCIPLES FOR PERIODIC DISCLOSURE BY LISTED ENTITIES Final Report TECHNICAL COMMITTEE OF THE INTERNATIONAL ORGANIZATION OF SECURITIES COMMISSIONS FEBRUARY 2010 CONTENTS Chapter Page 1 Introduction 3 Uses

More information

North American Equity Funds. RBC North American Value Class 1. U.S. Equity Funds

North American Equity Funds. RBC North American Value Class 1. U.S. Equity Funds RBC CORPORATE CLASS FUNDS ANNUAL INFORMATION FORM Series A, Advisor Series, Advisor T5 Series, Series T5, Series H, Series D, Series F, Series FT5, Series I and Series O mutual fund shares (unless otherwise

More information

Citation: Pet Valu Canada Inc., 2007 ABASC 918 Date: 20071203

Citation: Pet Valu Canada Inc., 2007 ABASC 918 Date: 20071203 Headnote Mutual Reliance Review System for Exemptive Relief Applications relief from certain continuous disclosure requirement and certification requirements - in addition, a prior order is revoked to

More information

ALMONTY INDUSTRIES INC. INSIDER TRADING POLICY

ALMONTY INDUSTRIES INC. INSIDER TRADING POLICY 1. Introduction and Purpose ALMONTY INDUSTRIES INC. INSIDER TRADING POLICY Almonty Industries Inc. (the Corporation ) is a Canadian company, it is a reporting issuer in Canada and its securities are listed

More information

Scotia Aria Moderate Pay Portfolio

Scotia Aria Moderate Pay Portfolio Scotia Aria Moderate Pay Portfolio Semi-Annual Management Report of Fund Performance For the period ended, 2015 This semi-annual management report of fund performance contains financial highlights but

More information

Simplified Prospectus

Simplified Prospectus Simplified Prospectus MAY 29, 2014 Templeton Templeton Asian Growth Fund (Series O units) Templeton Asian Growth Corporate Class (Series A, F, I and O shares) Templeton BRIC Corporate Class (Series A,

More information

CONFLICTS OF INTEREST

CONFLICTS OF INTEREST CONFLICTS OF INTEREST General Description Actual, potential and perceived conflicts of interest exist in almost all human interactions. Our relationship with you is no different. For instance, MacDougall,

More information

AcuityAds Inc. Condensed Consolidated Interim Financial Statements. Three months ended March 31, 2014 and 2013 (Unaudited)

AcuityAds Inc. Condensed Consolidated Interim Financial Statements. Three months ended March 31, 2014 and 2013 (Unaudited) AcuityAds Inc. Condensed Consolidated Interim Financial Statements Condensed Consolidated Interim Statements of Financial Position March 31, December 31, 2014 2013 Assets Current assets: Cash $ 446,034

More information

Simplified Prospectus

Simplified Prospectus Simplified Prospectus Offering Series A and F units of: REDWOOD DIVERSIFIED EQUITY FUND REDWOOD DIVERSIFIED INCOME FUND REDWOOD GLOBAL SMALL CAP FUND June 27, 2012 No securities regulatory authority has

More information

1.1.2 OSC Staff Notice 91-702 Offerings of Contracts for Difference and Foreign Exchange Contracts to Investors in Ontario

1.1.2 OSC Staff Notice 91-702 Offerings of Contracts for Difference and Foreign Exchange Contracts to Investors in Ontario 1.1.2 OSC Staff Notice 91-702 Offerings of Contracts for Difference and Foreign Exchange Contracts to Investors in Ontario I. Purpose ONTARIO SECURITIES COMMISSION STAFF NOTICE 91-702 OFFERINGS OF CONTRACTS

More information

SPDR Wells Fargo Preferred Stock ETF

SPDR Wells Fargo Preferred Stock ETF SPDR Wells Fargo Preferred Stock ETF Summary Prospectus-October 31, 2015 PSK (NYSE Ticker) Before you invest in the SPDR Wells Fargo Preferred Stock ETF (the Fund ), you may want to review the Fund's prospectus

More information

Annual Information Form dated December 19, 2014

Annual Information Form dated December 19, 2014 Annual Information Form dated December 19, 2014 RESPECTING MUTUAL FUND SHARES OF MARQUEST MUTUAL FUNDS INC. - Explorer Series Fund (Series A/Rollover, Series A/Regular, Series F and Series I) MARQUEST

More information

1. What is a BMO Gold Deposit Receipt ( GOLDRs SM )?

1. What is a BMO Gold Deposit Receipt ( GOLDRs SM )? BMO GOLDRs SM FAQ 1. What is a BMO Gold Deposit Receipt ( GOLDRs SM )? A GOLDRs SM is an SEC-registered security that is CUSIP-bearing and DTC-eligible. The Vaulted Gold Bullion Trust (the Trust ) issues

More information

National Bank Mutual Funds

National Bank Mutual Funds National Bank Mutual Funds Securities of the Investor Series (unless otherwise indicated) and securities of the Advisor Series, F Series, Institutional Series, M Series, O Series, R Series, F5 Series,

More information

Review of provisions relating to close ended schemes

Review of provisions relating to close ended schemes Review of provisions relating to close ended schemes 1.0 Introduction The current scenario in the market caused by the extreme liquidity crunch along with high redemption pressures has highlighted the

More information

Daily Income Fund Retail Class Shares ( Retail Shares )

Daily Income Fund Retail Class Shares ( Retail Shares ) Daily Income Fund Retail Class Shares ( Retail Shares ) Money Market Portfolio Ticker Symbol: DRTXX U.S. Treasury Portfolio No Ticker Symbol U.S. Government Portfolio Ticker Symbol: DREXX Municipal Portfolio

More information

Act on Undertakings for Collective Investment in Transferable Securities (UCITS), Investment Funds and Professional Investment funds

Act on Undertakings for Collective Investment in Transferable Securities (UCITS), Investment Funds and Professional Investment funds This is an English translation. The original Icelandic text, as published in the Law Gazette (Stjórnartíðindi), is the authoritative text. Should there be discrepancy between this translation and the authoritative

More information

Introducing the potential for equity powered return with principal protection

Introducing the potential for equity powered return with principal protection This series is available Introducing the potential for equity powered return with principal protection Enjoy full principal protection Invest for growth or income Consider this investment if: You want

More information

TD Wealth. TD Private Funds Simplified Prospectus. TD Asset Management. March 26, 2015. Private Investment Counsel OFFERING UNITS OF:

TD Wealth. TD Private Funds Simplified Prospectus. TD Asset Management. March 26, 2015. Private Investment Counsel OFFERING UNITS OF: TD Asset Management TD Wealth Private Investment Counsel TD Private Funds Simplified Prospectus March 26, 2015 OFFERING UNITS OF: TD Private Canadian Bond Income Fund TD Private Canadian Bond Return Fund

More information

FORM 9. NOTICE OF PROPOSED ISSUANCE OF LISTED SECURITIES (or securities convertible or exchangeable into listed securities 1 )

FORM 9. NOTICE OF PROPOSED ISSUANCE OF LISTED SECURITIES (or securities convertible or exchangeable into listed securities 1 ) FORM 9 NOTICE OF PROPOSED ISSUANCE OF LISTED SECURITIES (or securities convertible or exchangeable into listed securities 1 ) Please complete the following: Name of Listed Issuer: Lifestyle Delivery Systems

More information

TD Managed Assets Program

TD Managed Assets Program TD Asset Management TD Managed Assets Program Simplified Prospectus October 27, 2015 TD Managed Portfolios (1)(4) TD Managed Income Portfolio (3)(5) TD Managed Income & Moderate Growth Portfolio (3)(5)

More information

TD Mutual Funds Fund Profiles

TD Mutual Funds Fund Profiles TD Mutual Funds Fund Profiles U.S. Equity Funds TD North American Dividend Fund TD U.S. Blue Chip Equity Fund TD U. S. Quantitative Equity Fund TD U.S. Large-Cap Value Fund TD U.S. Large-Cap Value Currency

More information

Principal Protected Notes Compliance Review: Findings, Requirements and Recommendations. Rule Notice Guidance Note Dealer Member Rules

Principal Protected Notes Compliance Review: Findings, Requirements and Recommendations. Rule Notice Guidance Note Dealer Member Rules Rule Notice Guidance Note Dealer Member Rules Please distribute internally to: Corporate Finance Credit Institutional Internal Audit Legal and Compliance Operations Research Retail Senior Management Trading

More information

Simplified Prospectus

Simplified Prospectus Simplified Prospectus October 29, 2015 OFFERING SERIES A, D AND E SECURITIES (UNLESS OTHERWISE INDICATED) OF: COUNSEL STRATEGIC PORTFOLIOS COUNSEL PORTFOLIO COMPONENTS COUNSEL CONSERVATIVE PORTFOLIO 1

More information

POLICY STATEMENT TO REGULATION 55-103 RESPECTING INSIDER REPORTING FOR CERTAIN DERIVATIVE TRANSACTIONS (EQUITY MONETIZATION)

POLICY STATEMENT TO REGULATION 55-103 RESPECTING INSIDER REPORTING FOR CERTAIN DERIVATIVE TRANSACTIONS (EQUITY MONETIZATION) POLICY STATEMENT TO REGULATION 55-103 RESPECTING INSIDER REPORTING FOR CERTAIN DERIVATIVE TRANSACTIONS (EQUITY MONETIZATION) The members of the Canadian Securities Administrators (the CSA) that have adopted

More information

LIBA. Structured Products: Principles for Managing the Distributor- Individual Investor Relationship

LIBA. Structured Products: Principles for Managing the Distributor- Individual Investor Relationship ISDA LIBA Structured Products: Principles for Managing the Distributor- Individual Investor Relationship The distributor-individual investor relationship should deliver fair treatment of the individual

More information

NATIONAL INSTRUMENT 45-101 RIGHTS OFFERINGS TABLE OF CONTENTS PART 1 DEFINITIONS, INTERPRETATION AND APPLICATION

NATIONAL INSTRUMENT 45-101 RIGHTS OFFERINGS TABLE OF CONTENTS PART 1 DEFINITIONS, INTERPRETATION AND APPLICATION NATIONAL INSTRUMENT 45-101 RIGHTS OFFERINGS TABLE OF CONTENTS PART 1 DEFINITIONS, INTERPRETATION AND APPLICATION 1.1 Definitions 1.2 Interpretation 1.3 Application PART 2 REMOVAL OF RIGHTS OFFERING PROSPECTUS

More information

AMENDED AND RESTATED ANNUAL INFORMATION FORM DATED DECEMBER 16, 2015, AMENDING AND RESTATING THE ANNUAL INFORMATION FORM DATED OCTOBER 29, 2015

AMENDED AND RESTATED ANNUAL INFORMATION FORM DATED DECEMBER 16, 2015, AMENDING AND RESTATING THE ANNUAL INFORMATION FORM DATED OCTOBER 29, 2015 AMENDED AND RESTATED ANNUAL INFORMATION FORM DATED DECEMBER 16, 2015, AMENDING AND RESTATING THE ANNUAL INFORMATION FORM DATED OCTOBER 29, 2015 Series A, Series B, Series F and Series O units (unless otherwise

More information

Aston Hill Mutual Funds

Aston Hill Mutual Funds No securities regulatory authority has expressed an opinion about these securities and it is an offence to claim otherwise. Aston Hill Mutual Funds AMENDMENT NO. 1 DATED OCTOBER 9, 2015 TO THE SIMPLIFIED

More information

Insider Trading Policy

Insider Trading Policy Insider Trading Policy FEBRUARY 2014 Table of Contents 1. Introduction... 2 2. Insider Trading Restrictions... 2 a) Insider Trading Restrictions... 2 b) Material Information... 3 c) Persons in Special

More information

Financial Services Investment Companies (Topic 946)

Financial Services Investment Companies (Topic 946) No. 2013-08 June 2013 Financial Services Investment Companies (Topic 946) Amendments to the Scope, Measurement, and Disclosure Requirements An Amendment of the FASB Accounting Standards Codification The

More information

The Options Clearing Corporation

The Options Clearing Corporation PROSPECTUS M The Options Clearing Corporation PUT AND CALL OPTIONS This prospectus pertains to put and call security options ( Options ) issued by The Options Clearing Corporation ( OCC ). Certain types

More information

Daily Income Fund Retail Class Shares ( Retail Shares )

Daily Income Fund Retail Class Shares ( Retail Shares ) Daily Income Fund Retail Class Shares ( Retail Shares ) Money Market Portfolio Ticker Symbol: DRTXX U.S. Treasury Portfolio No Ticker Symbol U.S. Government Portfolio Ticker Symbol: DREXX Municipal Portfolio

More information

Merrion Investment Trust (the Trust ) Merrion Technology Fund Series II SUPPLEMENT TO PROSPECTUS

Merrion Investment Trust (the Trust ) Merrion Technology Fund Series II SUPPLEMENT TO PROSPECTUS Merrion Investment Trust (the Trust ) An umbrella unit trust authorised pursuant to the Unit Trusts Act 1990 Merrion Technology Fund Series II (the Sub-Fund ) SUPPLEMENT TO PROSPECTUS 30 September 2015

More information

Suspending Redemptions: A Case-Study from 11 September 2001 and General Principles

Suspending Redemptions: A Case-Study from 11 September 2001 and General Principles Suspending Redemptions: A Case-Study from 11 September 2001 and General Principles Report of the Technical Committee of the International Organization of Securities Commissions October 2002 Suspending

More information

CIBC MUTUAL FUNDS AND CIBC FAMILY OF MANAGED PORTFOLIOS ANNUAL INFORMATION FORM

CIBC MUTUAL FUNDS AND CIBC FAMILY OF MANAGED PORTFOLIOS ANNUAL INFORMATION FORM CIBC MUTUAL FUNDS AND CIBC FAMILY OF MANAGED PORTFOLIOS ANNUAL INFORMATION FORM CIBC Mutual Funds CIBC Savings Funds CIBC Canadian T-Bill Fund CIBC Premium Canadian T-Bill Fund CIBC Money Market Fund (Class

More information

PROSPECTUS. Canadian Crude Oil Index ETF ( CCX ) Canadian Natural Gas Index ETF ( GAS ) (together, the ETFs and each an ETF )

PROSPECTUS. Canadian Crude Oil Index ETF ( CCX ) Canadian Natural Gas Index ETF ( GAS ) (together, the ETFs and each an ETF ) No securities regulatory authority has expressed an opinion about these securities and it is an offence to claim otherwise. This prospectus constitutes a public offering of these securities only in those

More information

Shares Western Asset Middle Market Income Fund Inc.

Shares Western Asset Middle Market Income Fund Inc. The information in this prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective.

More information

G4 C69. Symmetry Fixed Income PortFOlio Class. management report. Independent Auditor s Report. version: MANAGED ASSET PORTFOLIO

G4 C69. Symmetry Fixed Income PortFOlio Class. management report. Independent Auditor s Report. version: MANAGED ASSET PORTFOLIO management report Management s Responsibility for Financial Reporting The accompanying financial statements have been prepared by Mackenzie Financial Corporation, as Manager of Symmetry Fixed Income Portfolio

More information

Understanding SAS 70 Reports on Internal Control

Understanding SAS 70 Reports on Internal Control Understanding SAS 70 Reports on Internal Control PwC Agenda Internal Control Reporting: A Focus on SAS 70 Trends affecting internal control reporting Discussion points for Mutual Fund Directors with management

More information

Chapter 2 Characteristics of Investment Companies

Chapter 2 Characteristics of Investment Companies Chapter 2 Characteristics of Investment Companies Abstract Chapter 2 provides a brief overview of five types of investment companies: open-end funds, closed-end funds, unit investment trusts, exchange-traded

More information

SEC Adopts Rules to Implement the Private Fund Investment Advisers Registration Act

SEC Adopts Rules to Implement the Private Fund Investment Advisers Registration Act SEC Adopts Rules to Implement the Private Fund Investment Advisers Registration Act Jason E. Brown and Joel A. Wattenbarger of Ropes & Gray LLP On June 22, 2011, the Securities and Exchange Commission

More information

POLICY 5.6 NORMAL COURSE ISSUER BIDS

POLICY 5.6 NORMAL COURSE ISSUER BIDS Scope of Policy POLICY 5.6 NORMAL COURSE ISSUER BIDS This Policy sets out the procedures and policies of the Exchange with respect to normal course issuer bids made through its facilities. In general,

More information

Mutual Fund Governance Independent Directors Rule

Mutual Fund Governance Independent Directors Rule Association of Corporate Counsel Corporate Governance Seminar Mutual Fund Governance Independent Directors Rule 5:00 PM 5:50 PM Baruch Performing Arts Center Engelman Recital Hall 55 Lexington Ave New

More information

MAWER MUTUAL FUNDS SIMPLIFIED PROSPECTUS

MAWER MUTUAL FUNDS SIMPLIFIED PROSPECTUS MAWER MUTUAL FUNDS SIMPLIFIED PROSPECTUS Offering Series A and Series O Units of: MAWER CANADIAN MONEY MARKET FUND MAWER CANADIAN BOND FUND MAWER GLOBAL BOND FUND MAWER BALANCED FUND MAWER TAX EFFECTIVE

More information

FIELDHOUSE ADVISOR SERIES PROGRAM Global Precious Metals Class G Shares of FIELDHOUSE PRO FUNDS INC.

FIELDHOUSE ADVISOR SERIES PROGRAM Global Precious Metals Class G Shares of FIELDHOUSE PRO FUNDS INC. This Share Class Supplement when combined with the Base Offering Memorandum (collectively, the Offering Memorandum ) constitutes an offering of the securities described herein only in those jurisdictions

More information

Climb Investco, LLC, a Delaware limited liability company. Climb Credit, Inc., a Delaware Corporation

Climb Investco, LLC, a Delaware limited liability company. Climb Credit, Inc., a Delaware Corporation Amended and Restated Final Agreement of the Parties PARTIES Lender Manager Master Servicer School ELIGIBILITY Eligible Assets Eligible Schools TRANSACTION Transaction Term Survival Program Size Funding

More information

REPORT TO SECURITYHOLDERS FOR THE 12-MONTH PERIOD ENDING DECEMBER 31, 2015

REPORT TO SECURITYHOLDERS FOR THE 12-MONTH PERIOD ENDING DECEMBER 31, 2015 Dear Securityholder: IRC 2015 Report to Securityholders TD Mutual Funds TD Managed Assets Program s TD Emerald Funds TD Pools TD Private Funds REPORT TO SECURITYHOLDERS FOR THE 12-MONTH PERIOD ENDING DECEMBER

More information