The Investment Funds Institute of Canada today congratulated the Gerry Phillips, chairman of Management Board of Cabinet and minister responsible for the Ontario Securities Commission, for the Ontario government’s quick response to the standing committee on finance and economic affairs (SCFEA) recommendations on the Ontario Securities Act.

IFIC was a participant in the SCFEA review.

Phillips yesterday announce plans to create a task force to review the role of Self Regulatory Organizations (SROs), and speculated about potentially broadening this SCFEA recommendation to include mutual fund governance and restitution.

“IFIC looks forward to participating in the work of the task force on SROs,” said Tom Hockin, IFIC president, in a release. “However, in the interests of regulatory efficiency, we do not believe that the government needs to expand the task force mandate beyond the SCFEA recommendation since both the CSA and the OSC already have a well-formed governance and restitution proposal.”

“As an active participant with the government in this process, we look forward to continuing to work in partnership with the government in the implementation of all 14 SCFEA recommendations,” Hockin added.