Securities Law

81-107 - Independent Review Committee for Investment Funds [NI - Rescinded]

Published Date: 2010-09-24
Effective Date: 2010-09-25
Rescinded Date: 2014-09-22
Document(s):

Concurrently Published:

Table of Contents

Part 1  Definitions and application

1.1  Investment funds subject to Instrument
1.2  Definition of a “conflict of interest matter”
1.3  Definition of “entity related to the manager”
1.4  Definition of “independent”
1.5  Definition of “inter-fund self-dealing investment prohibitions”
1.6  Definition of “manager”
1.7  Definition of “standing instruction”

Part 2  Functions of the manager

2.1  Manager standard of care
2.2  Manager to have written policies and procedures
2.3  Manager to maintain records
2.4  Manager to provide assistance

Part 3  Independent review committee

3.1  Independent review committee for an investment fund
3.2  Initial appointments
3.3  Vacancies and reappointments
3.4  Term of office
3.5  Nominating criteria
3.6  Written charter
3.7  Composition
3.8  Compensation
3.9  Standard of care
3.10  Ceasing to be a member
3.11  Authority
3.12  Decisions
3.13  Fees and expenses to be paid by the investment fund
3.14  Indemnification and insurance
3.15  Orientation and continuing education

Part 4  Functions of independent review committee

4.1  Review matters referred by the manager
4.2  Regular assessments
4.3  Reporting to the manager
4.4  Reporting to securityholders
4.5  Reporting to securities regulatory authorities
4.6  Independent review committee to maintain records

Part 5  Conflict of interest matters

5.1  Manager to refer conflict of interest matters to independent review committee
5.2  Matters requiring independent review committee approval
5.3  Matters subject to independent review committee recommendation
5.4  Standing instructions by the independent review committee

Part 6  Exempted transactions

6.1  Inter-fund trades
6.2  Transactions in securities of related issuers

Part 7  Exemptions

7.1  Exemptions
7.2  Existing exemptions, waivers or approvals

Part 8  Effective date

Appendix A – Conflicts of interest or self-dealing provisions for the purpose of section 1.2 – Definition of a ‘conflict of interest matter’

Appendix B – Inter-fund self-dealing conflict of interest provisions for the purpose of section 1.5 – Definition of ‘inter-fund self-dealing investment prohibitions’

Appendix A to Commentary – Decision tree for the purpose of Commentary 1 to section 5.1 – Manager to refer conflict of interest matters to independent review committee