Earlier today, the Ontario Securities Commission released the December 2011 issue of its Investment Funds Practitioner. The publication provides an overview of issues arising from exemptive relief applications, prospectus filings and continuous disclosure documents filed by investment funds with the OSC.
Issues considered with respect to applications for exemptive relief include applications from portfolio managers to permit the distribution of pooled fund securities to fully managed accounts held by clients who do not qualify as accredited investors, requests for confidentiality without substantive reasons provided, and subadviser conflicts of interest. With respect to prospectus filings, the publication provides the Investment Funds Branch's views on the use of prepaid forwards by mutual funds and non-redeemable investment funds and the disclosure of management fees and trailing commission payments.
The publication also provides an overview of issues arising in connection with Fund Facts, specifically with respect to relief to permit early delivery of Fund Facts, disclosure of expected mergers, risk methodology and the disclosure of separately negotiated fees.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
