IFIC Makes Submission to OSC on Proposed Restrictions on the Use of the Deferred Sales Charge Option for Mutual Funds
TORONTO, July 06, 2020 (GLOBE NEWSWIRE) — The Investment Funds Institute of Canada (IFIC) today filed its submission to the Ontario Securities Commission (OSC) responding to its request for comments on the proposed Restrictions on the Use of the Deferred Sales Charge (DSC) Option for Mutual Funds.
In its submission, IFIC indicated its support for retaining a financial hardship exemption in the final version of the Proposed Rule, which is particularly important in light of the impact of the COVID-19 pandemic. IFIC provided specific recommendations to the OSC on three aspects of the Proposed Rule and Proposed Companion Policy: limiting the sale of mutual fund securities under the DSC option to clients under 60 years of age; limiting the sale of mutual fund securities under the DSC option to accounts with balances under $50,000; and the requirement to offer the DSC option through a separate series or class of securities.About IFICThe Investment Funds Institute of Canada is the voice of Canada’s investment funds industry. IFIC brings together 150 organizations, including fund managers, distributors and industry service organizations, to foster a strong, stable investment sector where investors can realize their financial goals. By connecting Canada’s 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