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IFIC Responds to FSCO’s Request for Comments on its Proposed Statement of Priorities

June 1, 2010

IFIC Responds to FSCO’s Request for Comments on its Proposed Statement of Priorities

TORONTO – The Investment Funds Institute of Canada (IFIC) today reported that it has
submitted a response to the Financial Services Commission of Ontario (FSCO) in respect of its
request for comments on its proposed 2010 Statement of Priorities (the Statement).

In its letter, IFIC highlighted several key priorities of the mutual fund industry that were raised in
FSCO’s proposed Statement including:

- Point of Sale: IFIC recommended that regulators proceed with the Fund Facts
disclosure for mutual funds and segregated funds, and that FSCO support the industry’s
position that the requirements for pre-sale document delivery be put on hold pending the
resolution of the implications for product arbitrage with competing products.

- CCIR Review of MGAs: FSCO indicated that it will be participating in a review of
managing general agencies with the Canadian Council of Insurance Regulators to
identify risks to consumers, regulatory gaps, and legislative and regulatory barriers.
IFIC and its members are looking forward to being active participants in these

- Pension Reform: FSCO identified pension regulatory services as a key focus area and
noted its support for the development of harmonized regulatory solutions. IFIC
encouraged FSCO to work with the Ontario government to continue to implement
improvements that ease the regulatory burden for retirement savings vehicles and
encourage their use. IFIC also looks forward to receiving information related to FSCO’s
proposed pension reforms and welcomes the opportunity to participate in any related

While FSCO did not make specific reference to financial literacy in its proposed Statement, we
believe that raising the level of financial literacy of the population would be a big step towards
meeting FSCO’s mandate, which is to provide regulatory services that protect the public interest
and enhance public confidence in the regulated sectors.

IFIC’s letter in respect of FSCO’s proposed 2010 Statement of Priorities is available on the IFIC
website at

IFIC is the national association of the investment funds industry. Membership consists of mutual
fund companies, retail distributors and industry affiliates.

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For more information contact:
Laurie Gillett
Senior Manager, Communications
The Investment Funds Institute of Canada (IFIC)
Phone: 416-309-2317

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The Investment Funds Institute of Canada (IFIC)


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