National Instrument 81-104 Alternative Mutual Funds (NI 81-104) has been repealed by all members of the Canadian Securities Administrators (CSA), except the Autorité des marchés financiers. Only Part 4 of NI 81-104 had been in force, and it dealt with proficiency requirements for individuals restricted to the sale of mutual funds when distributing alternative mutual funds. The Canadian Investment Regulatory Organization (CIRO) has now codified various CSA blanket orders and issued Interim Mutual Fund Dealer Rule 1000 Proficiency Standards for the Sale of Alternative Mutual Funds, such that NI 81-104 is no longer required for dealers subject to those rules. Mutual fund restricted individuals will be able to rely on the appropriate course options to meet the proficiency requirements under Rule 1000 to distribute alternative mutual fund securities. The National Instrument is expected to be repealed as of January 29, 2024 except in Québec, where mutual fund dealers have not yet been transitioned to all of the CIRO rules.

September 28, 2023