The Ontario Securities Commission
(OSC) published the most recent edition of The Investment Funds
Practitioner on July 23, 2015. This edition of
The Investment Funds Practitioner features guidance on the
OSC's prospectus review priorities, including with respect to
disclosure of fees and expenses; default mutual fund distributions
with respect to fixed rate distribution securities and disclosure
of Independent Review Committee compensation.
Prospectus Reviews
The OSC noted that in its prospectus reviews of investment
funds, it would focus on three key areas of disclosure.
First, OSC staff will focus on fees and expenses disclosure.
In particular, a summary of all applicable fees and expenses and
plain language explanations of fees and expenses would have to be
provided to enable investors to understand what each fee is for and
what services or activities the fee covers. Fees and expenses
would also have to be disclosed in a sufficiently clear manner to
allow
