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ARTICLE · 13 JUNE 2013

Ontario Securities Commission Releases Latest Investment Funds Practitioner

Norton Rose Fulbright Canada LLP
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The Investment Funds Branch of the Ontario Securities Commission recently issued its latest Investment Funds Practitioner, which provides an overview of recent issues arising from applications for discretionary relief.

CanadaFinance and Banking
Michael Bunn
Michael Bunn
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The Investment Funds Branch of the Ontario Securities Commission (OSC) recently issued its latest Investment Funds Practitioner, which provides an overview of recent issues arising from applications for discretionary relief, prospectuses and continuous disclosure documents that investment funds file with the OSC.

Set out below are highlights from the May 2013 Practitioner.

Character conversion transactions

The 2013 federal budget contained proposed amendments to the Income Tax Act (Canada) that will effectively prohibit investment funds from treating the economic return of a reference fund as a capital gain where the investment fund is using derivatives to provide investors with returns based on the performance of the reference fund. The proposed amendment would instead treat such returns as ordinary income. OSC staff wishes to remind fund managers that they should consider what actions to take in response to the proposed amendment, including capping

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