Ministerial approval has now been granted to amendments to implement certain aspects of Phase 2 of the Modernization of Investment Fund Product Regulation Project, which includes, among other things, amendments to National Instrument 81-102 Mutual Funds.

The mandate of Phase 2 involves generally addressing the regulatory gap between non-redeemable investment funds and mutual funds by focusing on imposing certain core operational requirements on publicly offered non-redeemable investment funds that are generally analogous to the requirements applicable to mutual funds.

As we've previously discussed, the final amendments come into effect on September 22, with implementation to occur over the next few years.