Earlier today, the Ontario Securities Commission
released the December 2011 issue of its Investment
Funds Practitioner. The publication provides an
overview of issues arising from exemptive relief applications,
prospectus filings and continuous disclosure documents filed by
investment funds with the OSC.
Issues considered with respect to applications for exemptive
relief include applications from portfolio managers to permit the
distribution of pooled fund securities to fully managed accounts
held by clients who do not qualify as accredited investors,
requests for confidentiality without substantive reasons provided,
and subadviser conflicts of interest. With respect to prospectus
filings, the publication provides the Investment Funds Branch's
views on the use of prepaid forwards by mutual funds and
non-redeemable investment funds and the disclosure of management
fees and trailing commission payments.
