ARTICLE · 05 MARCH 2015

OSC Annual Summary Report For Investment Funds: Issues And Tips

Norton Rose Fulbright Canada LLP

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The Ontario Securities Commission (OSC) recently released its annual Summary Report for Investment Fund Issuers, providing an overview of key policy initiatives, emerging issues and compliance reviews concerning the investment fund industry.

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The Ontario Securities Commission (OSC) recently released its annual Summary Report for Investment Fund Issuers, providing an overview of key policy initiatives, emerging issues and compliance reviews concerning the investment fund industry. This legal update summarizes the key trends and provides tips for investment fund issuers.

Automatic reinvestment of distributions

Issue: The OSC raised concerns regarding investment funds that pay regular distributions and establish the automatic reinvestment of those distributions in additional securities of the fund as the default option for investors rather than payment in cash. Staff is concerned that the default reinvestment option benefits the fund manager and may result in a conflict of interest.

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