News Release

IFIC Makes Submission to CSA on National Systems Renewal Program

July 29, 2019 (Toronto) – The Investment Funds Institute of Canada (IFIC) today filed its submission responding to the Canadian Securities Administrators (CSA) proposed National Instrument 13-103 System Replacement Rule and the proposed repeal and replacement of Multilateral Instrument 13-102 System Fees for SEDAR and NRD. IFIC strongly supports the CSA’s efforts to develop a new integrated national information and filing system. The potential benefits to regulators, market participants and investors are clear and significant.

IFIC focused its submission on two key recommendations. First, IFIC encouraged the CSA to collaborate with industry stakeholders. Industry input can add significant value at each stage, beginning at the systems specifications and development stages, through to user testing prior to launch.

Second, IFIC urged regulators to build functionality that gives market participants access to the information and data they are required to file. This access would reduce the need for multiple manual data entries and improve compliance by enabling firms to leverage this data in their business operations and compliance supervision activities.

“Close collaboration with industry stakeholders will help deliver a new system that is useful to both regulators and market participants,” said Paul Bourque, President and CEO, IFIC. “A renewed system that facilitates the efficient, two-way exchange of information and provides market participants with ongoing access to their data will enhance compliance and ease the regulatory burden.”

About IFIC

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.

For more information please contact:

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