News Release

IFIC makes submission to Competition Bureau on new greenwashing provisions

Association supports provisions, asks bureau to defer to securities regulators

September 27, 2024 (Toronto) – The Investment Funds Institute of Canada (IFIC) has made a submission to the Competition Bureau regarding the Competition Act’s new greenwashing provisions. The provisions were adopted to ensure that any environmental claims related to protecting or restoring the environment or mitigating the causes or effects of climate change are accurate and substantiated.

The intended benefits of the provisions are clear and IFIC supports them. However, since the Canadian Securities Administrators (CSA) and the Canadian Investment Regulatory Organization (CIRO) – collectively, the securities regulators – already have in place extensive regulations and oversight practices that are designed to prevent misleading, exaggerated or unsubstantiated claims by the investment funds industry, we urge the Competition Bureau to defer to the regulators.

“The regulators’ existing regulations and oversight activities are adequate and appropriate for addressing greenwashing concerns with respect to the investment funds industry,” said Andy Mitchell, President and CEO, IFIC. “We believe that introducing the Competition Bureau, in effect, into the securities regulatory framework risks adding confusion and unnecessary complexity to regulating the activities of investment funds, investment fund managers, portfolio managers and dealers.”

For details, read IFIC’s submission.

About IFIC

IFIC is the voice of Canada’s investment funds industry. IFIC brings together approximately 150 organizations, including fund managers, dealers, professional and back-office service providers, to strengthen the integrity of the investment funds industry, foster public confidence in investment funds, and enable investors to achieve good outcomes. By connecting savers to Canada’s economy, our industry contributes significantly to Canadian economic growth and job creation.

For more information

Christine Harminc
Senior Manager, Communications and Public Affairs
charminc@ific.ca
416-309-2313