The Canadian Securities Administrators today released a nationally harmonized set of continuous disclosure requirements for investment funds.
The new rule harmonizes CD requirements for investment funds among Canadian jurisdictions and replaces most existing local CD requirements.
The CSA says the new rules set out the disclosure obligations of investment funds in their financial statements and management reports of fund performance.
The rules also lay out obligations for proxy voting disclosure, material change reporting, information circulars, proxies and proxy solicitation.
The Requirements set out in the new rule will apply to documents as follows:
- annual financial statements, annual management performance reports, and annual information forms will apply for financial years ending on or after June 30;
- interim financial statements and interim performance reports will apply for financial periods ending after the investment fund’s first year end following June 30;
- quarterly portfolio disclosure will apply for periods that end on or after June 1;
- proxy voting records will apply for the annual period beginning July 1;
- proxy solicitation and information circulars will apply as of July 1.
All other requirements will apply as of June 1.
The CSA says the requirements are set out in National Instrument 81-106, Investment Fund Continuous Disclosure.