New Prospectus Form for Scholarship Plans

The Canadian Securities Administrators (the CSA) have published a Notice of Proposed Amendments requesting comments on proposed rule amendments aimed at creating a new prospectus form tailored to scholarship plans. 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 sets out the first phase of the CSA’s approach to modernize the securities regulation of scholarship plans, by providing investors with more meaningful and effective prospectus disclosure.

Materials accompanying the Notice consist of the following:

  • Amendments to National Instrument 41-101 General Prospectus Requirements;
  • Amendments to Form 41-101F2 Information Required in an Investment Funds Prospectus; and
  • Proposed Form 41-101F3 – Information Required in a Scholarship Plan Prospectus.

The comment period will expire on June 22, 2010