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ARTICLE · 13 AUGUST 2012

OSC Recommendations On Portfolio Disclosure By Investment Funds

Blake, Cassels & Graydon LLP
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On August 2, 2012, the Ontario Securities Commission (OSC) released OSC Staff Notice 81-717 – Report on Staff’s Continuous Disclosure Review of Portfolio Holdings by Investment Funds which reports the findings and recommendations arising from its targeted review of portfolio holdings and other related continuous disclosure filed by investment funds

CanadaFinance and Banking
Stacy McLean
Stacy McLean
Kevin Rusli
Kevin Rusli
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On August 2, 2012, the Ontario Securities Commission (OSC) released OSC Staff Notice 81-717 – Report on Staff's Continuous Disclosure Review of Portfolio Holdings by Investment Funds which reports the findings and recommendations arising from its targeted review of portfolio holdings and other related continuous disclosure filed by investment funds. The primary objective of the OSC's review of portfolio holdings was to assess how effectively the selected categorization of a fund's investment portfolio in its disclosure reflected the fund's stated investment objectives.

Between August 2011 and June 2012, the OSC reviewed 203 investment funds, including each fund's portfolio disclosure as presented in its annual and interim Management Reports of Fund Performance (MRFPs), Fund Facts and Statements of Investment Portfolio (collectively, Portfolio Disclosure). The investment funds selected for review represented 40 different fund managers, each with a head office in

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