We, the members of the Canadian Securities Administrators (the CSA), are publishing for a comment period of 120 days proposed amendments to National Instrument 81-101 Mutual Fund Prospectus Disclosure (the Proposed Rule), Forms 81-101F1 Contents of Simplified Prospectus and 81-101F2 Contents of Annual Information Form and Companion Policy 81-101CP Mutual Fund Prospectus Disclosure (the Companion Policy). New Form 81-101F3 Contents of Fund Facts Document is part of the Proposed Rule. We refer to the Proposed Rule and Companion Policy, as the Instrument.

The Instrument, together with related amendments, sets out the first phase of the CSA’s proposed approach to implement the shared vision of securities and insurance regulators to provide investors with more meaningful and effective prospectus disclosure of mutual funds and segregated funds, as described in Framework 81-406 Point of sale disclosure for mutual funds and segregated funds published by the Joint Forum of Financial Market Regulators (Joint Forum)1 on October 24, 2008.

This is a significant investor protection initiative. We think the disclosure required by the Instrument would provide investors with the opportunity to make more informed investment decisions by giving investors key information about a mutual fund, in a language they can easily understand, at a time that is relevant to their investment decision. Central to the new prospectus disclosure regime is the Fund Facts document. It is in plain language, generally fits on both sides of one page and highlights the potential benefits, risks and the costs of investing in a mutual fund.

We are requesting feedback on the Instrument and related amendments, in particular, on implementation issues. We anticipate, and are committed to, continuing to consult with investors, representatives from the mutual fund industry, dealers, sales representatives and service providers to reach appropriate solutions.

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