Continuous Disclosure Obligations: Investment Funds (NI 81-106)

Summary

This practice note discusses National Instrument 81-106 Investment Fund Continuous Disclosure ("NI 81-106"), which provides the continuous disclosure requirements for investment funds in Canada. It includes an outline of the purpose of the instrument and where the instrument is applicable. It also provides information on periodic disclosure required, such as the financial statements, the management report of fund performance ("MRFP"), the annual information form ("AIF"), and the proxy voting record. It also discusses timely disclosure requirements with respect to material changes, such as the issuances of news releases and material change reports and how those requirements differ from those of reporting issuers that are not investment funds. Lastly, it covers proposed changes introduced by the Canadian Securities Administrators ("CSA") to reduce the regulatory burden for investment fund issuers.