Prospectus offerings for investment funds in Ontario

Required documents for a simplified prospectus

National Instrument 81-101 Mutual Fund Prospectus Disclosure (NI 81-101) sets out the prospectus requirements for a mutual fund (other than an ETF). In order to sell its securities to the public, a mutual fund (other than an ETF) is required to prepare and file:

• an SP, in the form set out in Form 81-101F1 Contents of Simplified Prospectus (Form 81-101F1)
• a Fund Facts document for every class or series of the mutual fund, in the form set out in Form 81-101F3 Content of Fund Facts Document

Prior to January 6, 2022, a mutual fund (other than an ETF) was also required to prepare and file an annual information form (AIF) in the form set out in Form 81-101F2 Contents of Annual Information Form (Form 81-101F2). Requirements from Form 81-101F2 were incorporated into an updated version of Form 81-101F1 that came into force on January 6, 2022.

During a transition period, some funds were permitted to file both an SP and an AIF (using the old versions of the relevant forms). While that transition period is now over, filings of both an AIF and an SP may still be permitted in certain circumstances involving prospectus amendments. It is anticipated, however, that on or after September 6, 2023, renewal prospectus and prospectus amendment filings for a mutual fund (other than an ETF) will exclusively be in the form of an SP prepared in the current form of Form 81-101F1 (that came into force on January 6, 2022), without an accompanying AIF.

NI 81-101 also sets out other requirements for mutual fund prospectus offerings, covering areas such as required supporting documents, prospectus amendments, incorporation by reference of specified documents, delivery to securityholders, language and presentation, packaging, and certificates.

Required documents for a long-form prospectus

National Instrument 41-101 General Prospectus Requirements (NI 41-101) sets out the prospectus requirements for an investment fund that is not required to use an SP (such as ETFs and non-redeemable investment funds). In order to sell its securities to the public, an investment fund that is not required to use an SP is required to prepare and file a long form prospectus, in the form of:

• for scholarship plans, Form 41-101F3 Information Required in a Scholarship Plan Prospectus
• for all other investment funds that are not scholarship plans, Form 41-101F2 Information Required in an Investment Fund Prospectus.

In addition to a long form prospectus, an ETF is also required to prepare and file an ETF Facts document for every class or series of the ETF, in the form set out in Form 41-101F4 Information Required in an ETF Facts Document.

NI 41-101 also sets out other requirements for investment fund prospectus offerings (for funds that are not required to use an SP), covering areas such as required supporting documents, prospectus amendments, incorporation by reference of specified documents, delivery to securityholders, and certificates.

An investment fund that is not required to use an SP and that is already a reporting issuer in a Canadian jurisdiction may be eligible to use a short form prospectus to issue additional securities rather than use a long form prospectus.

A short form prospectus allows existing reporting issuers to use a simplified form of the long form prospectus for a specific offering of securities. It allows existing reporting issuers to incorporate by reference into the short form prospectus certain other disclosure about the investment fund.