Part 1
Definitions and Interpretation

Definition

1.1         In this Rule, "NI 81-107" means National Instrument 81-107 Independent Review Committee for Investment Funds.

Interpretation

1.2         A term used in this Rule that is defined or interpreted in NI 81-107 has the meaning ascribed to it in NI 81-107.

Part 2
Application

Application

2.1         This Rule applies to an investment fund that is a reporting issuer.

Part 3
Interrelationship With Legislation

Designation as market participant

3.1 (1)    An independent review committee is designated as a market participant for the purposes of the Act.

(2)          A manager of a non-redeemable investment fund is designated as a market participant for the purposes of the Act.

Definition of manager

3.2         In NI 81-107 “manager” means an “investment fund manager” under the Act.

Standard of care for manager

3.3         In NI 81-107, the standard of care and fiduciary duty required of a manager of a mutual fund in order to meet its obligation under NI 81-107 is the same standard of care and fiduciary duty imposed under section 116 of the Act.

Part 4
Effective Date

Effective date

4.1         (1) This Rule comes into force on November 1, 2006.

(2) Despite subsection (1), the amendments to this Rule which came into force on January 1, 2014 only apply to financial periods relating to financial years beginning on or after January 1, 2014.