Ongoing disclosure requirements for investment funds in Ontario

Investment funds are subject to ongoing disclosure requirements. The primary ongoing disclosure requirements for investment funds are set out in National Instrument 81-106 Investment Fund Continuous Disclosure (NI 81-106).

In Ontario, NI 81-106 applies to both investment funds that offer securities to the public and mutual funds in Ontario that do not offer securities to the public.

Ontario Securities Commission (OSC) Rule 81-801 Implementing National Instrument 81-106 Investment Fund Continuous Disclosure explains how these requirements interact with the continuous disclosure provisions applicable to investment funds in Ontario’s Securities Act.

Ongoing disclosure requirements for investment funds include requirements relating to:

• the preparation and delivery of financial statements, financial disclosure and management reports of fund performance (MRFPs)
• quarterly portfolio disclosure
• annual information forms
• proxy voting disclosure
• material change reports
• proxy solicitation and information circulars for investment fund securityholder meetings
• change of auditor disclosure

MRFPs must follow the format set out in Form 81-106F1 Contents of Annual and Interim Management Report of Fund Performance.