Regulatory Alerts2022-01-06
Policy Statement to Regulation 81-107 Respecting Independent Review Committee for Investment Funds
The Canadian Securities Administrators issued this policy statement to provide commentary on Regulation 81-107, which mandates that investment fund managers establish Independent Review Committees to oversee conflicts of interest. The document defines key terms such as 'conflict of interest matter' and 'independent,' while outlining the manager's obligations to maintain written policies, refer specific matters to the committee, and keep detailed records. It further details the IRC's governance structure, including requirements for member independence, staggered terms, written charters, and the committee's authority to determine its own compensation to ensure impartiality.
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