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ARTICLE · 07 NOVEMBER 2014

Derivatives Investments For Pension Plans: FSCO Guidance Note For Comment

Osler, Hoskin & Harcourt LLP
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In response to perceived concerns about the lack of understanding of the risks associated with investments in derivatives, the FSCO has developed guidelines for pension plans investing in derivatives and similar financial instruments.

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Osler, Hoskin & Harcourt LLP
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In response to perceived concerns about the lack of understanding of the risks associated with investments in derivatives, the Financial Services Commission of Ontario (FSCO) has developed guidelines for pension plans investing in derivatives and similar financial instruments. Currently in draft form, FSCO's Investment Guidance Note on Prudent Investment Practices for Derivatives is posted for public comment until November 24, 2014.

FSCO's Note is framed as a set of expectations of those investing in derivatives and is intended to serve as a starting point for plan administrators. It contemplates a system for internal oversight of derivatives practices that is extremely broad in scope and will increase the costs to pension plans that invest directly in derivatives or that invest in pooled funds that use derivatives. The suggestion in the Note is that prudence might require more, but not less, rigorous practices.

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