New Prospectus Form for Scholarship Plans

The Canadian Securities Administrators (the CSA) have published a final Notice of Amendments to create a new prospectus form tailored to scholarship plans. These amendments were initially published for a first comment period on March 24, 2010 (the 2010 Proposal) and a second comment period on November 25, 2011 (the 2011 Proposal). The Final Amendments reflect comments received on the 2010 Proposal and the 2011 Proposal.

A key component of this new prospectus form is a new document called the Plan Summary, which is designed to give scholarship plan investors key information highlighting the benefits and risks of their plan up-front and written in a plain language format.

This new prospectus form is an important step in modernizing the regulation of scholarship plans, by providing investors with more meaningful and effective prospectus disclosure.

Materials accompanying the Notice consist of the following:

  • A Summary of Changes to the 2011 Proposal
  • A Summary of Comments on the 2011 Proposal
  • A Sample Plan Summary
  • Amendments to National Instrument 41-101 General Prospectus Requirements and Form 41-101F2 Information Required in an Investment Funds Prospectus;
  • Form 41-101F3 - Information Required in a Scholarship Plan Prospectus; and
  • Changes to Companion Policy 41-101CP Companion Policy to National Instrument 41-101 General Prospectus Requirements

Subject to certain Ministerial approvals, these Amendments will come into force on May 31, 2013.