News Release

IFIC Welcomes CSA Proposed Amendments to Address Financial Exploitation of Vulnerable Investors

March 5, 2020 (Toronto) – The Investment Funds Institute of Canada (IFIC) welcomes the Canadian Securities Administrators’ (CSA) proposed amendments to address financial exploitation and diminished mental capacity of older and vulnerable investors.

“IFIC supports the CSA in its efforts to protect the financial wellbeing of vulnerable investors and provide important guidance to the investment funds industry,” said Paul Bourque, President and CEO, IFIC. “This is a priority area for the industry and all of its stakeholders, and we are pleased that the CSA continues to advance this effort.”

IFIC specifically welcomes the introduction of a requirement to take reasonable steps to obtain the name of a trusted contact person and rule proposals to enable firms to put a temporary hold on transactions in a client’s account.

IFIC will review the package of proposed rule amendments issued today for comment, and will prepare a detailed submission prior to the June 3, 2020 deadline.

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