Publication
New proposed amendments to Competition Act target net-zero claims
New amendments to Bill C-59 introduce a novel misleading advertising provision that targets broad environmental representations, including “net-zero” type claims.
Author:
Global | Publication | December 2016
On December 8, 2016, the Canadian Securities Administrators (CSA) announced they are amending (the Amendments) various national instruments in order to mandate (i) a summary disclosure document for exchange-traded mutual funds (ETFs); and (ii) a risk classification methodology that must be used by managers to determine the investment risk level of conventional public mutual funds and ETFs.
The Amendments require ETFs to prepare and file a summary disclosure document called “ETF Facts.” A few notes about ETF Facts:
Managers should note the following dates with respect to the implementation of the ETF Facts requirements:
The Amendments require all managers to use a standard methodology when determining the investment risk level disclosure that is included in Fund Facts and ETF Facts. The CSA believes this will permit investors to more easily compare the investment risk levels of different funds. Managers must use the new mandatory risk classification methodology as of September 1, 2017 (which coincides with the date that managers must begin to file ETF Facts when preliminary and pro forma prospectuses are filed for ETFs).
A few notes about the new mandatory risk classification methodology:
Managers who have obtained an exemption or waiver with respect to the “How risky is it?” section of the Fund Facts form should note all such exemptions or waivers will expire on September 1, 2017.
Publication
New amendments to Bill C-59 introduce a novel misleading advertising provision that targets broad environmental representations, including “net-zero” type claims.
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Real-time market data (RTMD) refers to order and trade information about equity securities distributed immediately after an order has been entered, amended or cancelled or a trade has been executed on a marketplace.
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