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On March 27, the Autorité des marchés financiers (AMF, Quebec’s financial markets regulator) published proposed amendments (the Amendments) in a publication titled Regulation to amend Regulation 81-102 respecting Investment Funds pertaining to crypto assets.
The Amendments apply to reporting issuer investment funds seeking to invest directly or indirectly in crypto assets (Public Crypto Asset Funds). They aim at clarifying the regulatory standards applicable to developing and managing such financial products.
The Amendments are not yet in force, as they will be submitted to the Quebec minister of finance for approval. Other Canadian Securities Administrators members are considering adopting equivalent changes in their respective jurisdictions*.
The Amendments clarify the types of crypto assets that funds may acquire, the restrictions on investments in crypto assets, and the custody requirements for crypto assets held on behalf of Public Crypto Asset Funds. It is stated these changes will codify practices that are already applicable, which were developed mainly through the prospectus review process and exemptive reliefs granted to existing Public Crypto Asset Funds.
The proposed changes are as follows:
We also note certain paragraphs that were initially published for consultation are not included in the Amendments, such as those mentioning that crypto assets could not be used for securities lending transactions, repurchase agreements, and reverse repurchase agreements. The prohibition for money market funds to invest in crypto assets was also abandoned.
The Amendments constitute the first modifications incorporating mentions of crypto assets into Regulation 81-102 respecting Investment Funds. The AMF stated a public consultation concerning a broader and more comprehensive framework for Public Crypto Asset Funds is also planned in the future.
*UPDATE: On April 17, 2025, the Canadian Securities Administrators published equivalent regulatory modifications, which will come into force on July 16, 2025, if all necessary approvals are obtained.
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