On May 24, the Canadian Securities Administrators (CSA) published an update on its Rationalization of Investment Funds Disclosure Project (Project RID). Phase 1, consisting of informationgathering and prioritization of reform proposals, is complete. Phase 2 will involve developing rule proposals to:
- remove redundant information requirements in select disclosure documents;
- use web-based technology to provide certain information about investment funds;
- codify exemptive relief that is routinely granted; and
- minimize the filing of forms that may contain duplicative information, such as Personal Information Forms. The CSA expects to publish proposed rules for comment by March 2019. Certain other potential reforms dealing with matters such as financial continuous disclosure requirements require further analysis and will be addressed at a later date.