Statement on the Ontario Securities Commission's Proposal Regarding the Mutual Funds Industry
TORONTO, SEPTEMBER 13, 2018 - The Honourable Vic Fedeli, Ontario Minister of Finance, today issued the following statement regarding the Canadian Securities Administrators' (CSA) and the Ontario Securities Commission's (OSC) Proposed Amendments to National Instrument 81-105 Mutual Fund Sales Practices (Embedded Commissions).
"Our government has committed to making Ontario a competitive place to invest, grow and create jobs. This includes ensuring Ontario is 'Open for Business.'
The CSA and OSC's proposed amendments result from a process initiated under the previous government and, if implemented, will discontinue a payment option for purchasing mutual funds that has enabled Ontario families and investors to save towards retirement and other financial goals. Our government does not agree with this proposal as currently drafted.
We will work with other provinces and territories and stakeholders to explore other potential alternatives to ensure fair, efficient, capital markets and strong investor protections."