Prospectus-Exempt Funds Survey


The purpose of this survey is to collect data on prospectus-exempt funds for systemic-risk monitoring purposes. In that regard, this survey seeks answers to questions on fund size, leverage, holdings, ownership, liquidity and liquidity management. This survey was previously part of the Risk Assessment Questionnaire.

To contribute to financial stability, we intend to make summary data publicly available on a no-names basis.

Who has to respond and what needs to be completed?

All investment funds managers registered in Ontario are required to complete the Investment Fund Manager Form. The Investment Fund Manager Form collects basic contact and other high-level information. If you are a registered investment fund manager and your firm did not receive the Investment Fund Manager Form, please email [email protected].

Those investment fund managers that issued prospectus-exempt funds with net asset values of at least $1 million as of December 31, 2019 must also complete the Prospectus-Exempt Fund Spreadsheet in addition to the Investment Fund Manager Form. Once completed, the Prospectus-Exempt Fund Spreadsheet has to be submitted via email to [email protected]. Please ensure that the file name of the Prospectus-Exempt Fund Spreadsheet attached to the email sent to [email protected] is consistent with the file-naming convention specified in the Investment Fund Manager Form.


Which funds need to be reported?

Information on non-prospectus qualified investment fund products sold under National Instrument 45-106 Prospectus Exemptions (NI 45-106) that have net asset values of at least $1 million as of December 31, 2019 must be reported in the Prospectus-Exempt Fund Spreadsheet. Examples of non-prospectus qualified funds include pooled funds, hedge funds and flow-through LPs, etc.

Key changes

Investment Fund Manager Form

A mandatory Investment Fund Manager Form has been added for all investment fund managers.

Prospectus-Exempt Fund Spreadsheet

  • Information for prospectus-exempt funds with net asset values below $1 million as of December 31, 2019 does not need to be reported
  • Web form has been removed
  • Format has been transposed (rows are observations and columns are variables)
  • Stand-alone funds and fund of funds are reported on the same “Survey” tab
  • Pre-submission validation has been added to minimize data errors
  • Sections on fees, illiquid positions, derivatives (OTC/exchange traded) and the maturity breakdown of fixed-income securities have been removed
  • Section on returns has been simplified, only annual gross and net returns need to be reported
  • Legal Entity Identifiers are requested (if available)
  • Section on fund access (including the suspension of redemptions) has been expanded

Going forward

Starting in 2021, International Organization of Securities Commissions (IOSCO) will request and aggregate investment fund data on leverage across jurisdictions. In order to better respond to IOSCO data requests, we will be making some changes to this survey moving forward, which include:

  • Broadening the survey to include prospectus-qualified funds starting in 2021 to collect data on 2020; and
  • Collecting data annually rather than every two years.  

Previous surveys


If you have any questions, concerns or suggested improvements, please contact: [email protected].

Frequently Asked Questions


Each investment fund manager must provide its National Registration Database (NRD) number, both in the Investment Fund Manager Form and for each fund in the Prospectus-Exempt Fund Spreadsheet

The Legal Entity Identifier (LEI) must be reported in the Prospectus-Exempt Fund Spreadsheet for each fund with an LEI.

Exchange-Rate Conversion

Please report all dollar amounts in Canadian dollars (CAD). For funds with assets or other amounts denominated in foreign currencies, please use the Bank of Canada Daily Exchange Rates Lookup tool to convert the value to CAD. 

Exchange-rate conversions of positions should be made as of December 31, 2019. Please report a fund’s net asset value as of December 31, 2018 using December 31, 2018 exchange rates. 

For gross sales, reinvested distributions and redemptions, please report this data with the appropriate daily exchange-rate conversions, if feasible, or with a December 31, 2019 exchange-rate conversion, otherwise.