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The Voice of Canada’s Investment Funds Industry

Performance Reporting & Cost Disclosure

The mutual funds industry believes that providing investors with reader-friendly, comprehensive reporting and disclosure are fundamental to the development of better-informed investors. Working together, Canada’s regulators and mutual funds industry are in the process of implementing major changes to the reports that investors receive.

As of 2016, investors will know, in dollar amounts, all of the costs associated with each of their accounts. On the performance side, they’ll see how well their investment has performed in dollar terms since they started to invest and their percentage rate of return over several time periods.

IFIC has provided significant input to the industry’s regulators throughout the rule making process. There will be a substantial amount of work required to implement these improvements. IFIC through its member committees is actively engaged in analyzing the requirements, obtaining clarifications from regulators where necessary and helping to inform members on what will be needed to fulfil their obligations under these new requirements.



Documents

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.


Backgrounder: CRM2 Myths and Facts

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.


Guide to Using IFIC’s CRM2 Model Reports (April 14, 2015)

This guide will help dealers effectively adopt the model reports developed by the industry to meet the 2016 requirements of CRM2. Links to the model reports appear below.


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 the guide (above) for tips to adopt the model report effectively.


Model Report on Charges and Compensation: 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 Charges and Compensation was reviewed by staff at the Mutual Fund Dealers Association and their comments were incorporated. See the guide (above) for tips to adopt the model report effectively.


2012
Submission - CSA - Proposed Amendments to NI 31-103 - Cost Disclosure and Performance Reporting (August 29 2012)

2011
CSA Notice RFC31-103 CRM2 (June 15, 2011)

CSA Proposed Amendments to NI 31-103 CRM2 Appendix A (June 15, 2011)

CSA Proposed Amendments to NI 31-103 CRM2 Research AllenResearch Appendix B (June 15, 2011)