On February 9, 2012 the CSA published amendments to various rules governing investment funds.  The published amendments arise out of the publication for comment of proposed amendments on June 25, 2010.  The amendments complete the first phase of the CSA’s two-phase project to modernize the product regulation of publicly offered investment funds.  The mandate of the “modernization project” is to consider whether the current regulatory approach to investment funds sufficiently addresses product and market developments in the Canadian investment fund industry, and continues to adequately protect investors. The CSA state that the second phase of the “modernization project” is to identify and address any market efficiency, investor protection or fairness issues that arise out different rules that apply to different types of publicly offered investment funds.  In particular, the CSA state that they intend to propose new restrictions and operational requirements for non-redeemable investment funds (such as closed-end funds), that are similar to existing requirements for mutual funds and exchange-traded funds under NI 81-102.