Regulatory Alerts2024-03-21
Added · Updated
CSA Multilateral Staff Notice 81-337: Targeted Continuous Disclosure Review and Guidance for Independent Review Committees for Investment Funds
Staff of the Ontario Securities Commission and the Autorité des marchés financiers completed a continuous disclosure review concerning Regulation 81-107, providing regulatory views and guidance for Independent Review Committees (IRCs) of investment funds. The review encourages IRCs to limit member terms to a maximum of six years, with limited exceptions, and advises Investment Fund Managers (IFMs) to broadly interpret and refer actual or perceived conflicts of interest to the IRC. Furthermore, the notice emphasizes that diversity in IRC membership beyond skill-sets can enhance decision-making, and offers guidance on recruitment, compensation disclosure, and the IRC's authority to engage with regulators.
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