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National Instrument 81-107 Independent Review Committee for Investment Funds
Part 1 Definitions and Application
Section 1.1

Investment funds subject to instrument

(1) This Instrument applies to an investment fund that is a reporting issuer.

(2) In Quebec, this Instrument does not apply to a reporting issuer organized under

(a) an Act to establish the Fonds de solidarité des travailleurs du Québec (F.T.Q.) R.S.Q., chapter F-3.2.1;

(b) an Act to establish Fondaction, le Fonds de dévelopement de la Confédération des syndicats nationaux pour la coopération et l’emploi (R.S.Q., chapter F-3.1.2); and

(c) an Act constituting Capital régional et coopératif Desjardins (R.S.Q., chapter C-6.1).


1. This Instrument applies to all publicly offered mutual funds and non-redeemable investment funds. Investment funds subject to this Instrument include:

    • labour sponsored or venture capital funds;
    • scholarship plans;
    • mutual funds and closed-end funds listed and posted for trading on a stock exchange or quoted on an over-the-counter market; and
    • investment funds not governed by National Instrument 81-102 Investment Funds (NI 81-102).

  1. This Instrument does not regulate mutual funds that are not reporting issuers (commonly referred to as pooled funds), for example, mutual funds that sell securities to the public only under capital raising exemptions in securities legislation.