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National Instrument 81-107 Independent Review Committee for Investment Funds
Part 1 Definitions and Application
Section 1.6 Definition of "manager"


In this Instrument,

“manager” means a person or company that directs the business, operations and affairs of an investment fund.


1. The CSA are of the view that the term ‘manager’ should be interpreted broadly. The term “manager” is intended to include a group of members on the board of an investment fund or the general partner of an investment fund organized as a limited partnership, where it acts in the capacity of ‘manager’/decision-maker.

2. The CSA have, in connection with prospectus reviews, on occasion encountered investment funds structured in unusual ways. The CSA may examine an investment fund if it seems that it was structured to avoid the operation of this Instrument.