Investment funds are subject to ongoing filing and disclosure requirements. For all types of investment funds, these requirements are set out in National Instrument 81-106 Investment Fund Continuous Disclosure (NI 81-106). In Ontario, NI 81-106 applies to both reporting issuer investment funds and to “mutual funds in Ontario” (non-reporting issuer mutual funds).
NI 81-106 consolidates into one place requirements that otherwise existed in different securities rules. OSC Rule 81-801 Implementing National Instrument 81-106 Investment Fund Continuous Disclosure explains how the requirements in NI 81-106 interact with the continuous disclosure provisions applicable to investment funds in the Securities Act (Ontario).
Investment funds are also subject to ongoing continuous disclosure reviews by Commission staff. OSC Staff Notice 81-705 Implementation of a Continuous Disclosure Review Program for Investment Funds – Investment Funds Branch provides detail on the types of reviews that an investment fund can expect the OSC to undertake.