IFIC Makes Submission to CSA on Access-Based Model for Investment Fund Reporting Issuers

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TORONTO, Dec. 20, 2022 (GLOBE NEWSWIRE) -- The Investment Funds Institute of Canada (IFIC) today made its submission to the Canadian Securities Administrators (CSA) on the Access-Based Model for Investment Fund Reporting Issuers consultation.

Metadata

Provider:

GlobeNewswire, Inc.

Retrieved on:

Tuesday, December 20, 2022

Information

Tags:

Investment fund, Disclosure, National Policy, News, Secure Electronic Delivery, Communication, CSA, Game design document, Beneficial owner, National instrument, Document, Issuer

Geotags:

TORONTO, ON, CA

⚠ partially generated by AI ↴

Organisation:

INVESTMENT FUNDS INSTITUTE OF CANADA, THE INVESTMENT FUNDS INSTITUTE OF CANADA, IFIC

Summary

Key Points:

TORONTO, Dec. 20, 2022 (GLOBE NEWSWIRE) -- The Investment Funds Institute of Canada (IFIC) today made its submission to the Canadian Securities Administrators (CSA) on the Access-Based Model for Investment Fund Reporting Issuers consultation.
“IFIC commends and strongly supports the CSA’s efforts to create a more cost-efficient, timely and environmentally- friendly process for disclosing financial statements,” said Paul Bourque, President and CEO, IFIC.
“Our comments focus on ways to further streamline this delivery process, which will both reduce the regulatory burden for firms and improve the investor experience.”
In its submission, IFIC recommended: that the CSA require issuing a single news release for all funds that file Designated Documents on the same day rather than the proposed separate news release for each fund; that disclosure about the Annual Documents Notices be included in the news release requirements applicable to the Designated Documents and that the CSA undertake a significant review of National Policy 11-201 Electronic Delivery of Documents and National Instrument 54-101 Communication with Beneficial Owners of Securities of a Reporting Issuer to facilitate ease of electronic delivery.

TORONTO, Dec. 20, 2022 (GLOBE NEWSWIRE) -- The Investment Funds Institute of Canada (IFIC) today made its submission to the Canadian Securities Administrators (CSA) on the Access-Based Model for Investment Fund Reporting Issuers consultation.

“IFIC commends and strongly supports the CSA’s efforts to create a more cost-efficient, timely and environmentally- friendly process for disclosing financial statements,” said Paul Bourque, President and CEO, IFIC. “Our comments focus on ways to further streamline this delivery process, which will both reduce the regulatory burden for firms and improve the investor experience.”

In its submission, IFIC recommended: that the CSA require issuing a single news release for all funds that file Designated Documents on the same day rather than the proposed separate news release for each fund; that disclosure about the Annual Documents Notices be included in the news release requirements applicable to the Designated Documents and that the CSA undertake a significant review of National Policy 11-201 Electronic Delivery of Documents and National Instrument 54-101 Communication with Beneficial Owners of Securities of a Reporting Issuer to facilitate ease of electronic delivery.

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, 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, please contact:

Pira Kumarasamy
Senior Manager, Communications and Public Affairs
[email protected]
416-309-2317