This Canadian National Instrument regulates the continuous disclosure and filing requirements for investment funds that are reporting issuers in Canada.

The Canadian Securities Administrators (CSA) published for a 90-day comment period on June 18, 2015 proposed amendments to National Instrument 41-101 - General Prospectus Requirements (NI 41-101), Companion Policy 41-101CP to NI 41-101 (the Companion Policy) and related consequential amendments to National Instrument 81-106 Investment Fund Continuous Disclosure and Companion Policy 81-106CP to National Instrument 81-106 Investment Fund Continuous Disclosure (the Consequential Amendments). A new Form 41-101F4 Information Required in an ETF Facts Document (Form 41-101F4) was part of the amendments to NI 41-101. On December 8, 2016 the CSA published Mutual Fund Risk Classification Methodology for Use in Fund Facts and ETF Facts and Mandating a Summary Disclosure Document for Exchange-Traded Mutual Funds and its Delivery. Most of the amendments came into force on March 8, 2017.

Amendments effective September 1, 2017 require mutual funds in continuous distribution, the securities of which are listed and traded on an exchange or an alternative trading system (ETFs), to produce and file a summary disclosure document called “ETF Facts”, which must be made available on the ETF’s or the ETF manager’s website.

The amendments also introduced a new delivery regime. Beginning on December 10, 2018, dealers that receive an order to purchase ETF securities must deliver an ETF Facts to investors within two days of the purchase. Delivery of the prospectus is no longer required, but there is a requirement for the prospectus to be made available to investors upon request, at no cost.

As announced in a CSA notice published December 20, 2018, amendments to the following rules, as well as corresponding changes to commentaries and companion policies became effective on January 3, 2019:

See National Instrument 81-106 - Investment Fund Continuous Disclosure.