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ARTICLE · 01 FEBRUARY 2017

Consultation On the Option Of Discontinuing Embedded Commissions

McMillan LLP
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On January 10, 2017, the Canadian Securities Administrators (CSA) released CSA Consultation Paper 81-408 – Consultation on the Option of Discontinuing Embedded Commissions (the "Paper").

CanadaCorporate/Commercial Law
Jason A. Chertin
Jason A. Chertin
Shahram Khalili, Student-At-Law
Shahram Khalili, Student-At-Law
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Background

On January 10, 2017, the Canadian Securities Administrators (CSA) released CSA Consultation Paper 81-408 – Consultation on the Option of Discontinuing Embedded Commissions (the "Paper"). The Paper concludes a multi-year review of embedded commissions in investment fund products. The 2012 Consultation Paper 81-407 – Mutual Fund Fees was the first time the CSA raised issues with embedded commissions. This set the stage for a roundtable in 2013 and several commissioned, independent research reports in the following years.

Investor Protection and Market Efficiency

The CSA believes that embedded commissions raise three principal investor protection and market efficiency issues:

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