Without the proposed regulations, there would be a break in the federal program when offering periods for businesses and funds expire on June 30, 1996. The current rules governing the approval and operation of government-administered funds will continue to apply. Restricting the interim program to government-administered funds will significantly reduce the number of funds on the market, control monitoring costs and allow for a smoother transition to the new program. The new regulations and interim Investor Program do not apply to the Quebec investor program. Quebec operates its own investor program under the terms of the 1991 Canada-Quebec Accord .
Immigrant investors can continue to invest in the Quebec program.
This regulation will be prepublished in the Canada Gazette on April 27, 1996. The Minister expects to announce this fall the new Immigrant Investor Program which will be in effect by July, 1997.