December 19, 2019 (Toronto) – The Investment Funds Institute of Canada (IFIC) today issued the following comment in response to both the Canadian Securities Administrators’ announcement that it will ban two types of commissions that are embedded in some mutual fund purchases and its related Staff Notice 81-332 Next Steps on Proposals to Prohibit Certain Investment Fund Embedded Commissions:
IFIC will closely review the Canadian Securities Administrators and Ontario Securities Commission statements issued today, as well as the final rule amendments and additional information they will provide in 2020.
With regard to the ban on the deferred sales charge payment option, the investment funds industry would have preferred a nationally-harmonized approach that preserved payment choices for investors with full fee transparency.
The Investment Funds Institute of Canada is the voice of Canada’s investment funds industry. IFIC brings together 150 organizations, including fund managers, distributors and industry service organizations, to foster a strong, stable investment sector where investors can realize their financial goals. By connecting Canada’s savers to Canada’s economy, our industry contributes significantly to Canadian economic growth and job creation.
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