The sales communications of a publicly-offered investment fund must comply with the Securities Act (Ontario) and Part 15 of National Instrument 81-102 Investment Funds (NI 81-102). Non-conventional investment funds that file a prospectus under National Instrument 41-101 General Prospectus Requirements (NI 41-101) must also comply with Part 13A of NI 41-101, which sets out what information may be provided in an advertisement during the waiting period for a non-conventional investment fund.
Similar to Part 13A of NI 41-101, Part 15 of NI 81-102 states what must be included in a sales communication used in connection with a prospectus offering of mutual fund securities during the waiting period, and after the issue of a receipt for the final prospectus. It also limits the information that may be provided in a sales communication of a mutual fund during the waiting period.
Part 15 also contains other requirements for sales communications of investment funds, such as provisions prescribing the presentation and calculation of performance data for standard measurement periods and disclosure regarding distribution fees.
For more information:
- OSC Staff Notice: 81-720 - Report on Staff’s Continuous Disclosure Review of Sales Communications by Investment Funds
- National Instrument 41-101 General Prospectus Requirements
- National Instrument 81-102 Investment Funds