Find Lawyers in Vancouver, British Columbia for Mutual Funds Law
Mike Coburn is a tax Partner in Vancouver. His practice includes advising Canadian and international clients on a broad range of tax matters. Clients look to Mike for his extensive experience with a myriad of tax issues including tax implications and structuring of mergers and acquisitions, corporate reorganizations, financings and other business transactions.
Mutual Funds Law Definition
A mutual fund may be structured as a trust, a limited partnership or a corporation depending on the tax advantages and switchability features that may be desired. A mutual fund may also be listed on an exchange which offers its securities to investors on a continuous basis through qualified dealers (e.g., an exchange traded fund). Other types of funds also may be offered to investors (e.g., segregated funds), including over an exchange (e.g., closed end funds), but based on their features are not a mutual fund.
Mutual funds typically have a manager who administers the mutual fund, a portfolio manager who makes the investment decisions on behalf of the mutual fund, a custodian who holds the assets of the mutual fund, and a dealer who sells the securities of the mutual fund to investors. The securities administrators in each province and territory of Canada regulate mutual funds in terms of what a mutual fund can do, who can be a manager, portfolio manager, and/or dealer that acts for the mutual fund, and what type of offering documents the mutual fund must give investors. Although these requirements have generally been harmonized across Canada, there are regional differences that may impact how a mutual fund is offered in a particular province or territory.
Lawyers involved with mutual funds must have a thorough understanding of the applicable securities laws, including both national and local instruments, and understanding which laws apply to which type of mutual fund and what requirements apply to each person who is involved in running a mutual fund. Mutual fund lawyers are often involved in advising clients about how a mutual fund should be structured, what requirements will apply initially and on an ongoing basis, including all relevant compliance issues, and who the mutual fund can be offered to.
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