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To submit a news release, use this form. IFIC Responds to FSCOs Request for Comments on its Proposed Statement of PrioritiesJune 1, 2010IFIC Responds to FSCOs Request for Comments on its Proposed Statement of PrioritiesTORONTO 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 FSCOs 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 industrys 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 consultations. - 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 FSCOs proposed pension reforms and welcomes the opportunity to participate in any related consultations. 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 FSCOs mandate, which is to provide regulatory services that protect the public interest and enhance public confidence in the regulated sectors. IFICs letter in respect of FSCOs proposed 2010 Statement of Priorities is available on the IFIC website at www.ific.ca. https://www.ific.ca/Content/Document.aspx?id=5500 IFIC is the national association of the investment funds industry. Membership consists of mutual fund companies, retail distributors and industry affiliates. - 30 - For more information contact: Laurie Gillett Senior Manager, Communications The Investment Funds Institute of Canada (IFIC) Phone: 416-309-2317 Email: lgillett@ific.ca Website: www.ific.ca Click here to view our Sources Listing: The Investment Funds Institute of Canada (IFIC)Topics:
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