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The Voice of Canada’s Investment Funds Industry

Performance Reporting & Cost Disclosure

The investment funds industry supports recent regulatory initiatives that provide investors with important information before and after they purchase their investments.

Now that CRM2 is fully implemented, investors know, in dollar amounts, all of the costs associated with their accounts. On the performance side, they see how well their investments have performed in dollar terms and their percentage rate of return over several time periods.

CRM2 is expected to strengthen investors’ understanding of their investments and their confidence to make sound decisions.

IFIC is encouraging its members, and the industry generally, to adopt consistent investor-friendly language in their all their materials. IFIC has created an inventory of plain language materials that can be shared broadly to help advisors inform their clients.

We continue to work closely with our members and regulators on all aspects of implementation.

Related Documents

Advisor Insights: Global Regulatory Developments in Investor Protection (May 2018)

This issue of Advisor Insights focuses on regulatory developments in 16 countries and is based on a research report that was updated in May 2018. It summarizes report findings in a number of areas, including expanded disclosure, targeted reforms, best interest standard and embedded commissions and includes key points for advisors to discuss with clients.

(May 31, 2018)

Your Guide To Investment Funds (Winter 2018)

Understand your investments and secure your future

(January 31, 2018)

Advisor Insights Modest Investors – Easy Access and the Freedom to Choose are Keys to Successsful Long-term Investing (January 2018)

This issue of Advisor Insights contains data on the household assets of Canadian investors and provides insights on the difference that access to advice can make in their long-term savings.

(January 31, 2018)

"It's your money. Find out more." – A Toolkit for Dealers and Advisors (November 2017)

The Investment Funds Institute of Canada has created this toolkit to help advisors engage with clients about the new information investors will receive about the performance of their investments and the fees they paid to their dealer under the initiative known as “CRM2”. The materials in this toolkit were created to encourage investors to open their statements and read the new information.

(November 27, 2017)

Advisor Insights: Answering Your Clients’ Questions about the Performance of their Investments (November 2017)

This is part of a special three-part series of Advisor Insights. The series focuses on helping advisors have better conversations with their clients about their investments as the final stages of CRM2 are implemented. The other two bulletins in the series are: Advisor Insights: An Opportunity to Strengthen Your Relationships with Clients and Advisor Insights: Answering Your Clients’ Questions about Services and Fees.

(November 27, 2017)

Advisor Insights: Answering Your Clients’ Questions about Services and Fees (November 2017)

This is part of a special three-part series of Advisor Insights. The series focuses on helping advisors have better conversations with their clients about their investments as the final stages of CRM2 are implemented. The other two bulletins in the series are: Advisor Insights: An Opportunity to Strengthen Your Relationships with Clients and Advisor Insights: Answering Your Clients’ Questions about the Performance of their Investments.

(November 27, 2017)

Advisor Insights: An Opportunity to Strengthen Your Relationships with Clients (November 2017)

This is part of a special three-part series of Advisor Insights that focuses on helping advisors have better conversations with their clients about their investments as the final stages of CRM2 are implemented. The other two bulletins in the series are: Advisor Insights: Answering Your Clients’ Questions about the Performance of their Investments and Advisor Insights: Answering Your Clients’ Questions about Services and Fees.

(November 27, 2017)

Your Guide to Investment Funds – Winter 2017

Understand your investments and secure your future.

(January 30, 2017)

Preparing CRM2 Reports for Your Clients: A Guide for Dealers

This guide provides details of key requirements for the two new reports required in the final phase of CRM2, along with practical tips on how to ensure your reports achieve regulatory goals while strengthening the investor-advisor relationship.

(June 23, 2016)

Continuing Education Module on CRM2 Requirements

This online course, available free of charge, is offered by IFSE Institute (the educational arm of IFIC) to teach financial advisors about disclosure requirements and advisor obligations under CRM2. The course is designed for investment dealers, mutual fund dealers, exempt market dealers and their representatives.

(May 25, 2016)

Pre-Sale Delivery of Fund Facts – Plain Language Description for Investors

This document is a Word version of the plain language content developed by the MFDA and IFIC for a statement insert (see below) to inform investors about the requirement (as of May 30, 2016) for dealers to deliver Fund Facts to clients before the purchase of a mutual fund. Firms are welcome to use this content in their communications with investors.

(February 26, 2016)

Pre-Sale Delivery of Fund Facts

IFIC and the Mutual Funds Dealers Association (MFDA) have collaborated to produce a statement insert to help the mutual funds industry inform investors about the upcoming requirement for dealers to deliver Fund Facts to clients before they purchase a mutual fund.

(February 25, 2016)

Statement Insert Notifying Investors about Pre-Sale Delivery of Fund Facts

IFIC encourages dealers to include the insert with their clients’ quarterly statements or to provide it to investors in some other way. Managers can participate by sending it with trade confirmations and posting it online. A version with crop-marks is available for dealers, managers or their suppliers to download and print. For more information, refer to the document Pre-Sale Delivery of Fund Facts.

(February 25, 2016)

Statement Insert Notifying Investors about Pre-Sale Delivery of Fund Facts – For External Printing

IFIC encourages dealers to include the insert with their clients’ quarterly statements or to provide it to investors in some other way. Managers can participate by sending it with trade confirmations and posting it online. IFIC would be interested in knowing which firms decide to pursue this initiative and the quantities that are distributed. For more information, refer to the document Pre-Sale Delivery of Fund Facts.

(February 25, 2016)

Globe and Mail Investment Funds Supplement (February 11, 2016)
(February 19, 2016)

CRM2 Spotlight: Considerations for Dealers

This bulletin outlines direction provided by the Canadian Securities Administrators (CSA) and the Mutual Fund Dealers Association (MFDA ) to assist dealers in meeting various requirements of CRM2. It focuses on three areas: the application of CRM2 to investments that are not securities, such as segregated fund contracts, annuities and GICs; transfer payments from affiliates; and referral fees.

(January 8, 2016)

Dealer Checklist: CRM2 – 2015 Requirements (updated November 2015)

Outlines new information that dealers must include on clients’ account statements as of December 31, 2015, and provides insights and practical information to help dealers meet these requirement.

(November 27, 2015)

Advisor Insights – CRM2 Myths and Facts

This fact sheet focuses on frequent factual errors observed in media coverage about the timing and content of CRM2 reporting requirements. It has been prepared to provide advisors with accurate information about key aspects of CRM2. The same information has been provided to journalists in an effort to improve the accuracy of media coverage.

(July 22, 2015)

Mapping Fees into the Model Report on Charges and Compensation (April 16, 2015)

This document maps FundSERV Standards Files with lines on IFIC’s Model Report on Charges and Compensation so that all dealers can consistently record their costs in their charges and compensation reports.

(April 16, 2015)

Model Report on Investment Performance: CRM2 – 2016 Requirement (April 13, 2015)

The raw template prepared by the regulators has been enhanced with simplified language, and easy-to-follow layouts to improve investor understanding. Dealers can meet the requirements of CRM2 by providing separate reports or by integrating the information into their quarterly account statements once per year. The Model Report on Investment Performance was reviewed by staff at the Mutual Fund Dealers Association and their comments were incorporated. See IFIC’s guide “Preparing CRM2 Reports for Your Clients” for insights on preparing these reports.

(April 10, 2015)

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