Securities

Toronto - The Canadian Securities Administrators (CSA) today published for comment proposed amendments that will require exchange-traded mutual funds (ETFs) to produce and file a summary disclosure document called "ETF Facts." The proposed amendments also introduce a delivery regime for ETF Facts.

The proposed ETF Facts is written in plain language, is no more than two pages double-sided and highlights key information that CSA research has identified as important to investors.

Under the proposed amendments, an ETF would have to produce and file an ETF Facts and make it available on the ETF's or the ETF manager's website. Additionally, dealers that receive an order to purchase ETF securities would be required to deliver an ETF Facts to investors within two days of the purchase. A prospectus will continue to be available to investors at no cost.

"The introduction of an ETF Facts and its delivery regime will help to provide investors with easy-to-understand information about the potential benefits, risks and costs of investing in an ETF," said Louis Morisset, CSA Chair and President and CEO of the Autorité des marchés financiers.

Currently, dealers that account for the sale of the majority of ETF assets held by investors deliver a summary disclosure document in lieu of a prospectus pursuant to exemptive relief from existing prospectus delivery requirements under securities legislation. The proposed amendments would codify the form and content of the summary disclosure document for ETFs as well as extend the delivery obligation to all dealers who receive a purchase order for ETF securities.

The CSA continues to work on developing a standardized risk classification methodology for use in ETF Facts and Fund Facts.

The proposed amendments can be found on CSA members' websites. The 90-day comment period will close on September 16, 2015.

The CSA, the council of the securities regulators of Canada's provinces and territories, co-ordinates and harmonizes regulation for the Canadian capital markets.

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For more information:

Carolyn Shaw-Rimmington
Ontario Securities Commission
416-593-2361

Mark Dickey
Alberta Securities Commission
403-297-4481

Richard Gilhooley
British Columbia Securities Commission
604-899-6713

Sylvain Théberge
Autorité des marchés financiers
514-940-2176

Kevan Hannah
Manitoba Securities Commission
204-945-1513

Andrew Nicholson
Financial and Consumer Services Commission
New Brunswick
506-658-3021

Tanya Wiltshire
Nova Scotia Securities Commission
902-424-8586

Janice Callbeck
Office of the Superintendent of Securities
P.E.I.
902-368-6288

Don Boyles
Office of the Superintendent of Securities
Newfoundland and Labrador
709-729-4501

Rhonda Horte
Office of the Yukon Superintendent of Securities
867-667-5466

Louis Arki
Nunavut Securities Office
867-975-6587

Gary MacDougall
Northwest Territories
Securities Office
867-920-3318

Shannon McMillan
Financial and Consumer Affairs
Authority of Saskatchewan
306-798-4160