OSC reports on focused reviews of investment funds

TORONTO – The Ontario Securities Commission (OSC) today issued Staff Notice 33-733 Report on Focused Reviews of Investment Funds, September 2008 – September 2009, which summarizes compliance review work conducted by staff of the OSC’s Compliance and Registrant Regulation Branch and Investment Funds Branch.

The publication of this notice follows the September 2009 completion of a three-phase review of investment funds. The report describes our observations from the last phase, a review of Ontario-based hedge funds, and provides further reporting from the money market funds and non-conventional investment funds reviews previously reported on in OSC Staff Notice 33-732 2009 Compliance Team Annual Report.

Staff Notice 33-733 includes suggested practices for fund managers to strengthen their compliance with Ontario securities laws and to improve their systems of internal controls and supervision. The suggested practices cover a broad spectrum of issues, including: fund valuations, portfolio holdings, use of service providers, and offering document disclosure.

Staff Notice 33-733 Report on Focused Reviews of Investment Funds, September 2008 - September 2009 is available on the OSC website, www.osc.ca.

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