The Investment Funds Branch of the Ontario
Securities Commission recently published the April
2012 issue of its Investment Funds
Practitioner. The publication provides an overview
of issues identified by the Branch arising from exemptive relief
applications, prospectus filings and continuous disclosure
documents filed by investment funds with the OSC.
Prospectus Issues
The Practioner highlights a number of issues that have come to
light in the course of prospectus reviews, including amending a
final prospectus to fix incorrect fee disclosure, and fund names
that are inconsistent with the fund's investment objectives or
strategies. On the latter issue, Branch Staff state that fund
managers should select names that "closely reflect the
fund's investment objectives" and that distinguish the
funds from others. Branch Staff will consider whether additional
guidance or rule-making is needed on this point.
