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Table of Concordance: Proposed National Instrument 81-101 and National Policy No. 36
Table of Concordance: Proposed National Instrument 81-101 and National Policy No. 36
Comments may be sent via E-mail to:
- Winfield Liu
Senior Legal Counsel
[email protected]
or
- Rebecca Cowdery
Investment Funds Team Manager
[email protected]
Note: This table shows where each provision of National Policy Statement No. 36 has been dealt with in the proposed mutual fundprospectus disclosure documents. The table does not attempt to outline all amendments that may have been made to theseprovisions; reference to the footnotes in the relevant document and to the notice published with the proposed documents should bemade for that information.
In this table, "NI" means proposed National Instrument 81-101, "CP" means proposed Companion Policy 81-101CP, "Summary Form"means the proposed Fund Summary Form, Form 81-101F1 and "Prospectus Form," means the proposed Fund Prospectus Form,Form 81-101F2.
NP36 PROVISION | TREATMENT | COMMENT |
SECTION 1 - APPLICATION | ||
Section 1.1 | Deleted | Mandatory under the NI to prepare aFund Summary |
Section 1.2 | NI - section 1.3 | Modified to exclude LSVCCs and mutualfunds listed and posted for trading on astock exchange or quoted on an OTCmarket |
-paragraph (a) | Deleted | |
-paragraph (b) | NI - paragraph 1.3(b) | |
Section 1.3 | NI - section 1.2 | Reference to NI81-105 added |
SECTION 2 - DOCUMENTSCOMPRISING THE SIMPLIFIEDPROSPECTUS DISCLOSURESYSTEM | ||
Section 2.1 | NI - section 3.1 | Concept of a Fund's permanentinformation record not referred to in theNI |
Section 2.2 | CP - Part 4 | No rule in the NI restricting consolidation |
SECTION 3 - ANNUALINFORMATION FORM | ||
Section 3.1 | NI - section 2.1 | Notification of annual acceptance to themutual fund not necessary |
Section 3.2 | NI - paragraphs 2.1(1)(a) and (b),subsection 2.2(3) and section 3.5
Prospectus Form - Items 1(1) and (6) |
|
Section 3.3 | NI - sections 3.2, 3.3 and 3.4
Summary Form - Items 3(1) and (2) and 20(2) Prospectus Form - Item 33(2) |
No undertaking required; replaced withrule to deliver documents upon request |
Section 3.4 | NI - section 2.2 | Now refers more generally to supportingdocuments required to be filed undersecurities legislation |
Section 3.5 | Deleted | Not necessary |
SECTION 4 - SIMPLIFIEDPROSPECTUS | ||
Section 4.1 | NI - sections 2.2 and 3.5 | |
Section 4.2 | Summary Form - Items 1(3) and (4) | |
Section 4.3 | Deleted | |
Section 4.4 | NI - section 2.3 | |
Section 4.5 | Deleted | Covered by securities legislation |
Section 4.6 | Deleted | |
Section 4.7 | Deleted | Covered by securities legislation |
SECTION 5 - FINANCIALSTATEMENTS | ||
Section 5.1 | Deleted | Financial statements are not required tobe filed with the Fund Summary;requirements concerning contents offinancial statements are covered bysecurities legislation |
Section 5.2 | NI - section 3.2 | Annual and interim financial statementsare not required to be delivered with theFund Summary to purchasers |
Section 5.3 | Deleted | Covered by securities legislation |
Section 5.4 | Deleted | |
Section 5.5 | Summary Form - Item 13
Prospectus Form - Item 8 |
|
SECTION 6 - REVIEWPROCEDURE | ||
Section 6.1 | Deleted | |
Section 6.2 | CP - section 2.6 | |
Section 6.3 | Deleted | NP30 to be reformulated with NP1 inNational Policy 43-201 |
SCHEDULE A - INFORMATIONREQUIRED TO BE INCLUDEDIN A SIMPLIFIEDPROSPECTUS | ||
General Instruction | CP - section 2.2, Part 3
NI - section 4.1 |
Other documents do not accompany theFund Summary |
Item 1. Cover Statement | Deleted | |
Item 2. IntroductoryStatement | Summary Form - Item 3
Summary Form - Item 19 |
Language re securityholder's rights hasbeen moved to Fund Summary - Item 19 |
Item 3. Name and Formationof Issuer | Summary Form - Items 4 or 6.1, asapplicable
Prospectus Form - Item 3 |
No longer requires disclosure of promoter
Disclosure about laws and formation moved to Prospectus Form - Item 3 |
Item 4. Description ofBusiness | Deleted | |
Item 5. Risk Factors | Summary Form - Items 4 and 10 | |
Item 6. Description ofSecurities Offered | ||
- paragraph (a) | Summary Form - Items 6.1 and 6.2 underitem Securities Offered
Prospectus Form - Item 9(1) |
|
- paragraph (b) | Deleted | |
- Instruction 1. | Deleted | |
- Instruction 2. | Prospectus Form - Item 10 | The second and third sentences havebeen deleted |
Item 7. Price of Securities onSale or Redemption | ||
- paragraph (a) | Summary Form - Item 14(2) | |
- paragraph (b) | Summary Form - Item 16 | |
- paragraph (c) | Summary Form - Items 14 and 16 | |
- paragraph (d) | Prospectus Form - Item 12(5) | Clause (i) not carried forward |
- paragraph (e) | Prospectus Form - Item 13(4) | Clause (i) not carried forward |
- paragraph (f) | Summary Form - Item 12 | |
- paragraph (g) | Deleted | |
- Instruction 1. | Deleted | |
Item 8. Method of Distribution | Prospectus Form - Items 12 and 16.5 | |
- Instructions | Summary Form - Items 15 and 16.1 | |
Item 9. Responsibility forPrincipal Functions | ||
- paragraph (a) | Summary Form - Items 4 and 6.1
Prospectus Form - Item 16 |
|
- paragraph (b) | Deleted | |
- paragraph (c) | Prospectus Form - Item 16.2(5) | |
- paragraph (d) | Prospectus Form - Item 17 | |
- Instruction 1. | Deleted | The tables in the Summary Form - Items4 and 6.1 determine the form of addressto be disclosed |
- Instruction 2. | Summary Form - Items 4 and 6.1 | |
- Instruction 3. | Summary Form - Items 4 and 6.1 | |
Item 10. Management Feesand Other Expenses | ||
- paragraph (a) | Summary Form - Item 16 | |
- paragraph (b) | Summary Form - Item 16 | |
- paragraph (c) | Deleted | Financial Highlights included in FundSummary |
- paragraph (d) | Summary Form - Item 13 | |
- Instruction 1. | Deleted | NI - Part 6 mandates the method forcalculating management expense ratio |
- Instruction 2. | Deleted | NI - Part 6 does not contemplatedisclosure of the management expenseratio for less than one financial year |
- Instruction 3. | NI - subsection 6.1(1) | |
- Instruction 4. | Deleted, pending determination ofappropriate rule | This provision will be included inNI81-102 |
- Instruction 5. | Summary Form - Item 13 | |
- Instruction 6. | NI - section 6.1 | NI - subsection 6.1(3) now requires amanagement fee paid directly byinvestors to be included in the calculationof the management expense ratio |
- Instruction 7. | Deleted | |
Item 11. Investment Objectivesand Practices | ||
- paragraph (a) | Summary Form - Item 8 | |
- paragraph (b) | Prospectus Form - Item 4(6) | |
- paragraph (c) | Deleted | |
- paragraph (d) | Deleted | Replaced by Prospectus Form - Item 4(3) |
- Instruction 1. | Summary Form - Item 8 (Instructions) | |
- Instruction 2. | Summary Form - Item 8 (Instructions) | |
- Instruction 3. | Summary Form - Items 6 and 18 | |
Item 12. Dividends orDistributions | Summary Form - Items 12 and 13 | |
- Instruction 1. | Summary Form - Item 13 | |
- Instruction 2. | Summary Form - Item 13 | |
Item 13. Tax Status ofSecurityholders | Summary Form - Item 18
Prospectus Form - Item 22 |
|
Item 14. Legal Proceedings | Prospectus Form - Item 25 | |
- Instruction 1. | Prospectus Form - Item 25 | |
Item 15. Other Material Facts | Prospectus Form - Item 26 | |
Item 16. Auditors, TransferAgent and Registrar | ||
- paragraph (a) | Summary Form - Items 4 and 6
Prospectus Form - Item 16.8 |
|
- paragraph (b) | Prospectus Form - Item 16.9 | Information about the transfer agent is nolonger required to be disclosed |
Item 17. Purchasers' StatutoryRights | Summary Form - Item 19 | The mandated language has beenrewritten in plain language |
Item 18. Identification | Summary Form - Item 1(5) | Encoding requirement deleted - FundSummary to be dated on the front cover |
- Instruction 1. | Deleted | |
APPENDIX 1 TO SCHEDULE A | ||
Summary of Fees, Charges andExpenses Payable by theSecurityholder | Summary Form - Item 16 | |
SCHEDULE B - INFORMATIONREQUIRED TO BE INCLUDEDIN THE ANNUALINFORMATION FORM | ||
General Instructions | CP - section 2.3 | |
Item 1. Name and Formationof Issuer | Prospectus Form - Item 3 | |
Item 2. Business of Issuer | Deleted | |
- Instruction 1. | Prospectus Form - Item 3 | |
- Instruction 2. | Prospectus Form - Items 3(5) and 17 | This is now a more general disclosurerequirement |
Item 3. Price of Securities onSale or Redemption | Prospectus Form - Items 11 and 15 | |
- paragraph (a) | Prospectus Form - Items 11 and 15 | |
- paragraph (b) | Deleted | |
- paragraph (c) | Deleted | |
Item 4. Method of Distribution | Prospectus Form - Items 12 and 16.5 | |
- paragraph (a) | Deleted | |
- paragraph (b) | Deleted | |
- paragraph (c) | Deleted | |
- Instruction 1. | Deleted | |
Item 5. Responsibility forPrincipal Functions | ||
- paragraph (a) | Prospectus Form - Item 16 | Mandates the information required to bedisclosed for each person or company |
- paragraph (b) | Prospectus Form - Item 8 | |
- Instruction 1. | Deleted | |
- Instruction 2. | Prospectus Form - Item 16.5 | |
- Instruction 3. | Deleted | |
- Instruction 4. | Prospectus Form - Item 16.4 | Clauses (i), (ii) and (v) have not beencarried forward |
- Instruction 5. | Deleted | |
- Instruction 6. | Deleted | |
Item 6. Investment Objectivesand Practices | Prospectus Form - Item 4 | |
- paragraph (a) | Prospectus Form - Item 4 | |
- paragraph (b) | Prospectus Form - Item 4(6) | |
- Instruction 1. | Deleted | |
- Instruction 2. | Prospectus Form - Item 15(1) | This disclosure is no longer confined tosecurities whose resale is restricted |
- Instruction 3. | Deleted | |
Item 7. Significant Holdings inOther Issuers | Deleted | |
Item 8. Tax Status of Issuerand Security Holder | ||
- paragraph (a) | Prospectus Form - Item 22(1) | |
- paragraph (b) | Prospectus Form - Item 22(3) | |
Item 9. Legal Proceedings | Prospectus Form - Item 25 | |
Item 10. Directors, Officersand Trustees | Prospectus Form - Items 16.6 (1) and (2) | |
- Instruction 1. | Deleted | |
- Instruction 2. | Prospectus Form - Item 16.6(4) | |
- Instruction 3. | Prospectus Form - Item 16.6(5) | |
Item 11. Remuneration ofDirectors, Officersand Trustees | Prospectus Form - Item 23 | This item has been substantially revised |
Item 12. Indebtedness ofDirectors, Officersand Trustees | Deleted | |
Item 13. Associated Persons | Prospectus Form - Item 17 | This item has been substantially revised |
Item 14. Promoter | Deleted | A promoter is now only referred to inconnection with a promoter's certificate |
Item 15. Principal Holders ofSecurities | Prospectus Form - Item 17.1 | This item has been substantially revised |
Item 16. Interest ofManagement andOthers in MaterialTransactions | Prospectus Form - Item 17 | This item has been substantially revised |
Item 17. Custodian of PortfolioTransactions | ||
- paragraph (a) | Prospectus Form - Item 16.7 | This item now requires disclosure relatingto any principal sub-custodian |
- paragraph (b) | Prospectus Form - Item 24(1)(d) | |
Item 18. Material Contracts | Prospectus Form - Item 24 | This item no longer requires disclosure ofmaterial contracts only dating back twoyears |
- Instruction 1. | Prospectus Form - Item 24(1)(f) andInstruction | |
- Instruction 2. | Deleted | |
- Instruction 3. | Prospectus Form - Item 24(3) | |
- Instruction 4. | Deleted | |
Item 19. Other Material Facts | Prospectus Form - Item 26 | |
Item 20. Certificates | ||
- paragraph (a) | Prospectus Form - Items 28 and 29 | This item no longer specifies the personsrequired to sign the certificate or themutual fund, except where the mutualfund is established as a trust |
- paragraph (b) | Prospectus Form - Item 31 | |
- Instruction 1. | Deleted | Prospectus Form - Item 29 specifies howthe manager's certificate shall be signed |
- Instruction 2. | Deleted | Prospectus Form - Item 28 specifies howa certificate signed by a trustee shall besigned |
- Instruction 3. | Deleted | |
APPENDIX 1 TO SCHEDULE B- STATEMENT OF EXECUTIVECOMPENSATION | Prospectus Form - Item 23 | This item has been substantially revised |