Securities Law

BCN 2006/21 - Adoption of National Instrument 81-107 Independent Review Committee for Investment Funds and consequential amendments [BCN - Lapsed]

Published Date: 2006-10-19
Rescinded Date: 2012-05-30
Related Document(s):

Concurrently Published:

Adoption of National Instrument 81-107
The British Columbia Securities Commission, with the other Canadian Securities Administrators (CSA), is adopting National Instrument 81-107 Independent Review Committee for Investment Funds (NI 81-107), together with a number of related consequential amendments, effective November 1, 2006.

Prior publications
On July 28, 2006 with BCN 2006/15, we published advance notice that, subject to government approval, we expected to adopt NI 81-107 and related consequential amendments to certain national instruments.

In March 2002 (BCN 2002/13), we published a concept proposal that set out a framework for mutual fund governance.  After we considered the comments we received on that proposal, we developed NI 81-107 and published versions of it for comment in January 2004 (BCN 2004/03) and in May 2005 (BCN 2005/30). We also published the consequential amendments for comment with the May 2005 publication of NI 81-107.

We received numerous comments on each publication. You can find a summary of the comments we received and the CSA responses in our advance notice of adoption and our May 2005 request for comment. (see BCN 2006/15 and BCN 2005/30). 

Consequential amendments
To implement NI 81-107 we needed to amend a number of national instruments. Following is a list of all of those changes:

  • National Instrument 81-101 Mutual Fund Prospectus Disclosure,
  • Form 81-101F1 Contents of Simplified Prospectus,
  • Form 81-101F2 Contents of Annual Information Form,
  • National Instrument 81-102 Mutual Funds,
  • Companion Policy 81-102CP,
  • National Instrument 81-104 Commodity Pools,
  • National Instrument 81-106 Investment Fund Continuous Disclosure,
  • Form 81-106F1 Contents of Annual and Interim Management Report of Fund Performance, and
  • National Instrument 13-101 System for Electronic Document Analysis and Retrieval (SEDAR).

Local exemptions
Effective November 1, 2006, the Commission is issuing BCI 81-511, which is a blanket exemption from NI 81-107 for investment funds that are reporting issuers in British Columbia only.

Questions
You may refer questions on NI 81-107, the related consequential amendments or BCI 81-511 to:

Noreen Bent
Manager and Senior Legal Counsel
Legal Services, Corporate Finance
(604) 899-6741
(800) 373-6393 (in BC and Alberta)
nbent@bcsc.bc.ca

or

Christopher Birchall
Senior Securities Analyst
Corporate Finance
(604) 899-6522
(800) 373-6393 (in BC and Alberta)
cbirchall@bcsc.bc.ca

October 20, 2006

 


Douglas M. Hyndman
Chair

Ref:  National Instrument 81-107 Independent Review Committee for Investment Funds
National Instrument 81-101 Mutual Fund Prospectus Disclosure
Form 81-101F1 Contents of Simplified Prospectus
Form 81-101F2 Contents of Annual Information Form
National Instrument 81-102 Mutual Funds
Companion Policy 81-102CP
National Instrument 81-104 Commodity Pools
National Instrument 81-106 Investment Fund Continuous Disclosure
Form 81-106F1 Contents of Annual and Interim Management Report of Fund Performance
National Instrument 13-101 System for Electronic Document Analysis and Retrieval (SEDAR)
BCN 2002/13
Concept Proposal 81-401 Striking a New Balance: A Framework for Regulating Mutual Funds and their Managers
BCN 2004/03
BCN 2005/30
BCN 2006/15

 

This Notice may refer to other documents. These documents can be found at the B.C. Securities Commission public website at www.bcsc.bc.ca in the section Securities Law & Policy: Policies & Instruments.