News Release

IFIC Makes Submission to the Capital Markets Modernization Taskforce

September 11, 2020 (Toronto) – The Investment Funds Institute of Canada (IFIC) today filed its submission in response to the Capital Markets Modernization Taskforce’s Consultation Report.

“IFIC welcomes the Taskforce’s initiative to make Ontario’s capital markets more vibrant and more driven by innovation,” said Paul Bourque, President and CEO, IFIC. “We also commend the Taskforce on its transformative and forward-looking recommendations.”

In addition to providing comments on many of the Report’s proposals, IFIC highlighted its feedback on a number of themes in its submission summary. These include: reducing the regulatory burden, expanding the mandate of the Ontario Securities Commission (OSC), and strengthening self-regulatory organization accountability.

The submission summary also reiterates IFIC’s recommendation that the OSC become a “passport regulator” by adopting Multilateral Instrument 11-102 Passport System. The OSC is the only member of the Canadian Securities Administrators that has not adopted the system, which imposes regulatory burden both on the industry and on regulators.

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:

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