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New Alternative Funds Framework Proposed by the CSA

September 29, 2016

Background

On September 22, 2016, the Canadian Securities Administrators (the “CSA”) published their long-awaited proposals for an alternative funds framework (the “Proposals”). The Proposals involve amendments to a number of national instruments governing the formation and offering of investment funds, including National Instruments 81-101, 81-102, 81-104, 81-106 and 81-107. The Proposals establish a new category of “alternative funds”, being publicly offered mutual funds that utilize alternative strategies or invest in alternative asset classes.

The CSA first proposed a new framework for regulating alternative funds in early 2013. The CSA however encountered significant challenges in defining the category and developing proposals for its regulation.  This required them to advance a comprehensive regulatory review of non-redeemable investment funds in September 2014 and to lag publication of the Proposals. The CSA have...

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