TORONTO, Feb. 18, 2022 (GLOBE NEWSWIRE) -- The Investment Funds Institute of Canada (IFIC) today filed its submission to the Ontario Ministry of Finance in response to its consultation on the draft Capital Markets Act.
“While certain aspects of the draft Act will represent improvements, it is unclear whether there would be sufficient added benefits in the Act to balance the significant additional resources required for adoption,” says Paul Bourque, president and CEO, IFIC. “The introduction of Ontario-specific rules could also cause a drift from national regulatory harmonization.”
Because the majority of securities legislation applicable to the investment funds industry is found in existing national instruments, IFIC focused its analysis and commentary on areas that would directly affect the investment funds industry. In addition to concerns expressed about regulatory burden created by the introduction of the new Act, IFIC commented on: the move to platform legislation and the resulting impact on rule-making authority; statutory civil liability for ETFs; and the proposed switch in comment period for draft rules from 90 days to 60 days.
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
