CSA Eases Investment Fund Reporting Requirements

CSA News (Canadian Securities)

Published April 22nd, 2026

Detected February 11th, 2026

Summary

The Canadian Securities Administrators (CSA) has finalized amendments to modernize the continuous disclosure regime for investment funds, effective April 22, 2026. These changes aim to reduce regulatory burden by providing exemptions from certain reporting requirements and eliminating unnecessary disclosures, while maintaining investor protection.

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What changed

The Canadian Securities Administrators (CSA) has issued final amendments to its continuous disclosure regime for investment funds, set to take effect on April 22, 2026. Key changes include exemptions from certain conflict of interest reporting where similar requirements are met, the removal of specific class- or series-level disclosures from financial statements that are not mandated by IFRS, and minor revisions to the simplified prospectus form. The CSA also noted that a proposal to replace the Management Report of Fund Performance (MRFP) with a new Fund Report will be further developed and tested based on stakeholder feedback, with a future comment period planned.

These amendments are intended to reduce the regulatory burden on investment fund managers while ensuring the quality of disclosure for investors. Fund managers should review the specific exemptions and reporting eliminations to determine their impact on current practices. While the effective date is April 22, 2026, the CSA will be undertaking further development and consultation on the proposed Fund Report, indicating potential future changes. No specific compliance deadline for these amendments is provided beyond the effective date.

What to do next

Review amendments to continuous disclosure regime for investment funds.
Identify and implement exemptions from conflict of interest reporting where applicable.
Update financial statement disclosures to align with eliminated class- or series-level requirements.

Source document (simplified)

TORONTO – The Canadian Securities Administrators (CSA) today announced final amendments to modernize the continuous disclosure regime for investment funds. These amendments are designed to reduce the regulatory burden on investment fund managers while maintaining the quality and timeliness of disclosure for investors.

The final rules include the following key amendments:

Exemptions from certain conflict of interest reporting requirements in securities legislation where similar requirements are already satisfied.
Elimination of certain class- or series-level disclosures from investment fund financial statements that are not required under International Financial Reporting Standards.
Minor editorial and other revisions to the simplified prospectus form. “These changes reflect our commitment to making regulation more efficient and responsive,” said Stan Magidson, CSA Chair and Chair and CEO of the Alberta Securities Commission. “We are reducing unnecessary burden on fund managers while preserving the integrity of investor disclosure.”

The final rules will take effect on April 22, 2026, and are available on CSA members’ websites.

The original consultation published on September 19, 2024, related to these final rules also included a proposal to replace the existing annual and interim Management Report of Fund Performance (MRFP) with a new annual and interim Fund Report.

The aim of the Fund Report is to create a document that is more streamlined and significantly less burdensome for fund managers to prepare, and more likely to be read and understood by investors compared to the MRFP. Based on stakeholder feedback, the CSA will develop and test a revised Fund Report that will be published at a later date for a subsequent comment period.

The CSA, the council of securities regulators of Canada’s provinces and territories, coordinates and harmonizes regulation for the Canadian capital markets.

For investor inquiries, please contact your local securities regulator.