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ARTICLE · 29 APRIL 2024

18-year Check Up: Continuous Disclosure Review And Guidance For IRCs

Borden Ladner Gervais LLP
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Consistent with the securities regulators' focus on conflict-of-interest matters, staff from the Ontario Securities Commission (OSC) and the Autorité des marchés financiers...

CanadaFinance and Banking
Jason Brooks
Jason Brooks
Christian Faribault
Christian Faribault
Kathryn Fuller
Kathryn Fuller
Melissa Ghislanzoni
Melissa Ghislanzoni
Roma Lotay
Roma Lotay
Whitney Wakeling
Whitney Wakeling
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Consistent with the securities regulators' focus on conflict-of-interest matters, staff from the Ontario Securities Commission (OSC) and the Autorité des marchés financiers (AMF) (Staff) have published guidance on Independent Review Committees (IRCs) for the first time in nearly 20 years.

After completing a continuous disclosure review of 24 investment fund managers (IFMs) of various sizes that are principally regulated by the OSC or the AMF, Staff published their findings and guidance in CSA Multilateral Staff Notice 81-337 Targeted Continuous Disclosure Review and Guidance for Independent Review Committees for Investment Funds (the Notice).

While the Notice does not propose any amendments to National Instrument 81-107 – Independent Review Committee (81-107), this BLG client alert outlines our views on the Notice, and steps that IRCs and IFMs may wish to take in response. The Notice and our commentary will be of interest to IFMs that are required to have IRCs

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