NIN 2000/01 - Adoption of National Instrument 81-101 Mutual Fund Prospectus Disclosure and Related Documents Rescission of National Policy No. 36 [NIN - Rescinded]
| Published Date: | 2000-01-28 |
|---|---|
| Effective Date: | 2000-01-26 |
| Rescinded Date: | 2000-06-30 |
The Commission, together with other members of the Canadian Securities Administrators (“CSA”) has adopted National Instrument 81-101 Mutual Fund Prospectus Disclosure (“NI 81-101”), Form 81-101F1 Contents of Simplified Prospectus and Form 81-101F2 Contents of Annual Information Form (collectively, the “Forms”), and Companion Policy 81-101CP (the “CP”). NI 81-101 establishes a new regime governing the disclosure that mutual funds must provide to satisfy the prospectus requirements of securities legislation.
The full text of the NI 81-101 (B.C. Reg. 1/2000), the Forms, and the CP are being published in a Special Supplement to the Weekly Summary of January 28, 2000. NI 81-101, the Forms and the CP will be effective on February 1, 2000.
The Commission adopted NI 81-101, the Forms and the CP, following publication for comment on July 31, 1998 and again on April 30, 1999, and after a detailed review of all comments received following each publication. The CSA developed a detailed Summary of Comments Received for each comment period, an Analysis of the Significant Issues and Concerns Received, and the Response of the CSA which were referred to in NIN #99/15 and in NIN #99/38. NIN #99/38 provided advance notice of NI 81-101, the Forms and the CP.
Concurrent with the adoption of NI 81-101, the Forms and the CP, the Commission has also adopted National Instrument NI 81-102 Mutual Funds (“NI 81-102”) and Companion Policy 81-102 CP (“81-102CP”). NIN#2000/2 provides additional information about NI 81-102 and 81-102CP.
Certain consequential amendments to the Securities Rules were required to ensure consistency with NI 81-101 and also with NI 81-102. These consequential amendments (B.C. Reg. 3/2000) are being published with NIN#2000/3 and are also effective on February 1, 2000.
NI 81-101 and the Forms have been or will be adopted as rules by British Columbia, Alberta, Manitoba, Ontario and Nova Scotia, as a Commission regulation in Saskatchewan and as a policy in all other jurisdictions represented by the CSA.
Rescission of National Policy, CSA Notice and Forms
Effective February 1, 2000, National Policy No. 36 Mutual Funds: Simplified Prospectus Qualification System and CSA Notice 81-301 Mutual Fund Prospectus Disclosure System - Concept Proposal - Request for Comment are rescinded and superseded by NI 81-101 and the Forms. In addition, Form 15, Form 50 and Form 51 are currently specified for use by mutual funds. The Executive Director is rescinding Form 50 and Form 51 effective February 1, 2000 for all mutual funds.
The Executive Director is also rescinding Form 15 for mutual funds generally and specifying Form 15 only for mutual funds to which NI 81-101 does not apply, as described in section 1.3 of NI 81-1011, effective February 1, 2000.
1Section 1.3 of NI 81-101 says that NI 81-101 does not apply to labour-sponsored venture capital corporations, commodity pools, or mutual funds that are listed and posted for trading on a stock exchange or quoted on an over-the-counter market.
DATED at Vancouver, British Columbia, on January 26, 2000.
Douglas M. Hyndman Wayne Redwick
Chair Acting Executive Director
| Ref: NI 81-101 Form 81-101F1 Form 81-101F2 81-101CP NIN 81-102 81-102CP NIN#99/15 NIN#99/38 NIN#2000/2 NIN#2000/3 NP 36 Form 15 Form 50 Form 51 CSA Notice 81-301 |
This NIN refers to other documents. These documents can be found at the B.C. Securities Commission public website at www.bcsc.bc.ca in the Policy Documents database.