COVID-19: Investment fund industry updates (July 30, 2020)

“Designated rating” relief for certain money market funds

The Canadian Securities Administrators (CSA) has granted exemptive relief to a group of money market funds from the requirement in section 2.18 of National Instrument 81-102(NI 81-102) that certain assets held by a money market fund must have a “designated rating” (as defined in NI 81-102) at all times. The relief will last for a period of 12 months from the decision date.