OSC Staff Provide Recommendations On Fund Disclosure Regarding Fees And Expenses

The Ontario Securities Commission released a staff notice yesterday outlining the Investment Funds Branch's recommendations based on its observations in regards to the disclosure of fees and expenses by investment funds.

The Branch conducted targeted continuous reviews of the fee and expense disclosure practices of a sample of fund managers as part of a broader review of fee disclosure beginning in August 2013. Prospectus and continuous disclosure records were reviewed to determine whether disclosure (i) provided sufficient information to investors on how fees and expenses were being charged and (ii) accurately and fully described fund managers' allocation of expenses to the funds they manage.