News Release

IFIC Makes Submission to CSA on Outside Activity Reporting

May 5, 2021 (Toronto) – The Investment Funds Institute of Canada (IFIC) today filed its submission to the Canadian Securities Administrators (CSA) in response to Proposed Amendments to NI 33-109 and Related Instruments – Modernizing Registration Information Requirements, Clarifying Outside Activity Reporting & Updating Filing Deadlines.

“The reporting of outside activity has long presented an opportunity for regulatory burden reduction within the investment funds industry,” said Arnie Hochman, Vice President, Policy & General Counsel, IFIC. “We support the CSA’s efforts to provide clarity in this area, however, further guidance is needed to reduce uncertainty and potential confusion so that the objectives of the proposed amendments can be met in full.”

IFIC provided a number of recommendations, including: providing further clarity around the “other securities related activities” and “financial or financial-related services” categories of outside activities; making amendments to better contextualize the concepts of “positions of influence” and “susceptibility”; and adopting a single reporting time frame.

About IFIC

The Investment Funds Institute of Canada is the voice of Canada’s investment funds industry. IFIC brings together approximately 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.

For more information:

Pira Kumarasamy
Senior Manager, Communications and Public Affairs
pkumarasamy@ific.ca
416-309-2317