ARTICLE · 04 JANUARY 2016

December 2015 Investment Funds Practitioner: Issues And Tips

Norton Rose Fulbright Canada LLP

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Scholarship plans commonly employ a commission structure that dedicates subscribers' initial contributions to paying down an up-front sales commission that is paid to sales representatives.

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The Ontario Securities Commission has released the December 2015 edition of the Investment Funds Practitioner, which provides an overview of recent issues arising from applications for exemptive relief, prospectuses and continuous disclosure documents filed by investment funds. This legal update summarizes key issues and provides tips for investment fund issuers.

Up-front commission structure for scholarship plans

Issue: Scholarship plans commonly employ a commission structure that dedicates subscribers' initial contributions to paying down an up-front sales commission that is paid to sales representatives. The OSC will no longer receipt prospectuses for new group or individual scholarship plans that have such an up-front commission structure unless there is a possibility of a refund for paid sales commissions in appropriate circumstances.

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