New independent oversight regime adopted for investment funds
NI 81-107 aims at improving fund governance by requiring investment funds to establish Independent Review Committees.
Jennifer Northcote, Kathleen Ward and Simon Romano
The Canadian Securities Administrators (CSA) have finalised NI 81-107 - Independent Review Committee (IRC) for Investment Funds (the Instrument), the first proposed version of which was released in January 2004. It was revised and subsequently republished for comment in May, 2005. Although this final version of the Instrument does not differ substantively from the May 2005 version, which was reported in our Funds Update of August 2005, it does address and clarify several issues that emerged during the comment period.
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