May the new exemptions introduced in Part 4 and Part 5 of National Instrument 81-102 Mutual Funds (NI 81-102) be relied upon during the transition period?
A. The changes made to Part 4 and Part 5 of NI 81-102 may only be relied upon if there is ‘complete compliance’ with the Instrument (please see A-8). Although the consequential amendments to NI 81-102 came into force November 1, 2006, the intention was that the new exemptions would apply only when the manager and investment fund have fully complied with the Instrument, which may not be the case during the transition period. An investment fund that provides notice under subsection 8.2(4) that it intends to comply with the Instrument before the transition period expires, may rely on the exemptions in Part 4 and Part 5 of NI 81-102 at the time they provide this notice.
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