The Ontario Securities Commission has granted relief to pooled funds, alleviating them from the burden of filing their financials with the commission.
The OSC has extended relief to funds managed by TD Asset Management, Arrow Hedge Partners Inc. and Enterprise Capital Management Inc.
Pooled funds have to file their financials with the commission because they fit the definition of mutual funds under the Securities Act.
The OSC has granted relief from filing with the commission, as long as: the funds deliver the financials to unitholders and inform them that pooled funds do not have to file with the commission; the funds retain the financials indefinitely; and they agree to produce the financial statements to regulators upon request.
TD also secured approval to only pay an activity fee of $1,500 for making this application relief, rather than the $5,500 that would normally apply.
Applications under subsection 147 of the Securities Act pay an activity fee of $5,500, whereas applications for other regulatory relief pay an activity fee of $1,500.
TD successfully argued that it could have applied for the same relief under different sections of the act at the lower rate.
Pooled funds exempted from filing financial statements with OSC
But funds must deliver statements to unitholdiers
- By: IE Staff
- September 11, 2003 September 11, 2003
- 15:40