IFIC Comments on Electronic Commerce Protection Regulations

August 31, 2011

NEWS RELEASE
For Immediate Release
August 31, 2011

IFIC Comments on Electronic Commerce Protection Regulations

TORONTO – The Investment Funds Institute of Canada (IFIC) today released two submissions related to the draft Electronic Commerce Protection Regulations (the Draft Regulations), which were made pursuant to Canada’s Anti-Spam Legislation (the Act).

IFIC made its submissions to the Electronic Commerce Branch of the Department of Industry (Industry) and the Canadian Radio-television and Telecommunications Commission (CRTC), as each released Draft Regulations that addressed certain aspects of the Act.

IFIC and its Members support the government’s intentions in respect of the Draft Regulations as they pertain to unsolicited commercial electronic messages; however, the industry asks that certain provisions be amended to allow businesses to be able to provide responsible communication about products and services to their markets.

“A reality of modern day business operation is the use of electronic means for communicating, not only in a business to business environment but also in a business to client environment,” said Joanne De Laurentiis, IFIC President and Chief Executive Officer. “Our industry relies heavily on electronic means for communicating with its clients and building its businesses, and therefore, we are requesting an appropriate exemption to the process of requiring consent to receive commercial electronic messages that would reflect current business realities”.

In its submission to Industry, IFIC addresses the two-pronged test in the definition of “personal relationships”; the use of social media; employment communications; and, the impact of the Draft Regulations on small businesses.

In its submission to the CRTC, IFIC addresses issues related to the request for consent, as well as the impact of the Draft Regulations on small businesses.

IFIC notes that its Members, many of whom include independent financial advisors, are just one example of small businesses that rely on legitimate commercial electronic messaging to develop their businesses, but who also cannot reasonably bear the expenses associated with developing complicated compliance regimes in order to ensure adherence with the Draft Regulations.

Copies of IFIC’s submissions to Industry and the CRTC are available on the IFIC website at www.ific.ca.

IFIC is the national association of the investment funds industry. Membership consists of mutual fund companies, retail distributors and industry affiliates. The mutual fund industry currently manages $790.5 billion of client assets representing 31.25% of Canadians’ financial wealth.


For further information please contact:
Laurie Gillett
Senior Manager, Communications
416-309-2317
lgillett@ific.ca

For more information contact:
Laurie Gillett
Senior Manager, Communications
The Investment Funds Institute of Canada
Phone: 416-309-2317
Email: lgillett@ific.ca
Website: www.ific.ca

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The Investment Funds Institute of Canada (IFIC)

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• Financial Services
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• Mutual Funds Industry
• Registered Education Savings Plans (RESPs)
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