TORONTO, April 20, 2023 (GLOBE NEWSWIRE) -- The Investment Funds Institute of Canada (IFIC) today welcomes the Canadian Securities Administrators’ (CSA) final rules related to Total Cost Reporting (TCR). The rules will require that additional expense information be added to the annual report on charges and other compensation, which will help ensure that the costs and value of investment funds are better understood by investors.
“Providing investors with more complete fee information related to the investment funds they hold is the ultimate goal for regulators and the industry,” said Andy Mitchell, President and CEO, IFIC. “It is our view that the CSA’s approach will achieve this goal by enhancing the information investors receive in a manner that strengthens the investor-advisor relationship.”
The CSA also indicated that the timeline for the industry to implement the new TCR approach will be extended to ensure this complex technology project will be successfully and prudently completed. The CSA further announced that it intends to create a standing implementation committee so that regulators and the industry can work together to identify and overcome operational and technical barriers to implement TCR. IFIC welcomes both of these decisions and looks forward to participating in this important project.
“IFIC appreciates the CSA’s willingness to engage with stakeholders, and hear and consider meaningful feedback throughout the review and comment process,” added Mitchell. “We believe this constructive dialogue improved the final outcome and will provide an excellent model for future consultations.”
IFIC’s TCR submission can be viewed at IFIC.ca.
About IFIC
The Investment Funds Institute of Canada is the voice of Canada’s investment funds industry. IFIC brings together approximately 150 organizations, including fund managers, dealers, professional and back-office service providers, to strengthen the integrity of the investment funds industry, foster public confidence in investment funds, and enable investors to achieve good outcomes. By connecting 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
