Ministerial order 03/2026 issued by Québec’s Minister of Finance, under the authority of the Securities Act (chapter V-1.1), approving amendments to Regulation 81-101 respecting Mutual Fund Prospectus Disclosure. The order formalizes regulatory changes developed by the Autorité des marchés financiers (AMF) and follows the standard rulemaking process, including prior publication for consultation and subsequent approval without modification.

The legal authority for these changes is grounded in section 331.1 of the Securities Act, which empowers the AMF to make regulations concerning disclosure requirements and related matters. In accordance with section 331.2, the draft regulation was published in the AMF Bulletin on January 22, 2026, allowing a 30-day consultation period before finalization. The AMF adopted the final regulation on February 25, 2026, and the Minister approved it without amendment, confirming that stakeholder feedback did not necessitate further revisions.

A key modification to Form 81-101F1 involves the introduction of a new Item 19 in Part A, which provides mutual fund organizations with greater flexibility in how they present general information in a simplified prospectus (SP), particularly in the case of “multiple SPs” covering several funds. Where Part B sections (which contain fund-specific information) are physically separated from Part A or from each other, fund issuers may now include a consolidated introductory section. This section can describe the general nature of mutual funds, outline common risks, and provide shared explanatory content applicable across multiple funds.

The regulation specifies minimum disclosure language for this introductory section, emphasizing that mutual fund values fluctuate based on market conditions and that investments are not guaranteed. It also clarifies that mutual funds are not insured by the Canada Deposit Insurance Corporation or similar entities. This standardized language aims to improve investor understanding of baseline risks while ensuring consistency across issuers.

In addition, Item 19 allows issuers to centralize common information—such as definitions, risk factors, investment considerations, and operational details—rather than repeating it in each individual fund section. This reduces redundancy and improves document usability. However, where such centralized disclosure is used, individual fund sections must include cross-references to the relevant portions of the general disclosure to maintain coherence.

The amendments to Form 81-101F2, which governs the contents of the annual information form (AIF), are primarily terminological. References to “management reports of fund performance” are simplified to “fund reports,” and consistent lowercase terminology is adopted for “funds.” These changes reflect a broader effort to standardize language across regulatory documents.

Quebec (3/2026) April 2, 2026
Disclaimer: Insights are for informational purposes only and does not reflect RRI’s official position or constitute legal opinion.