MutualFundWire.com: OSC Mulls More Rules
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Monday, March 21, 2005

OSC Mulls More Rules


Canadian regulators are looking at ways to tamp down market timers. David Brown, chair of the Ontario Securities Commission is mulling over changes in compliance procedures to accomplish the goal. The OCS is the equivalent of the SEC in the United States.

"The most important lesson is one that is clear to all in the industry: The investors' interests must be paramount," Brown told a lunch audience of the Economic Club of Toronto last week. His proposals mirror recommendations made last summer by the Investment Funds Institute of Canada (IFIC), the trade association for Canadian funds.

Specific changes for Canadian funds may include:

  • Requiring all funds to have a compliance program
  • Mandating short-term trading fees
  • Mandating fair value pricing
  • Adding to prospectus disclosures

    "We see a lot of these working together. We don't see one single fix that we should be doing," said Brown in response to reporters' questions.


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