Topics F - O

Note to users: The OSC’s Investment Funds and Structured Products Branch provides guidance for issuers of publicly-offered investment funds. You can locate guidance for public fund issuers by clicking: Investment Funds homepage and Investment Funds Practitioner publications

Disclosure of fees received by registrants, such as referral fees, success fees and finder's fees

See Reporting to clients ➜ Report on charges and other compensation

Performance fees, calculation of

See Investment funds and investment fund managers ➜ Fees and commissions - Calculation of performance fees

Note to users: The OSC’s Investment Funds and Structured Products Branch provides guidance for issuers of publicly-offered investment funds. You can locate guidance for public fund issuers by clicking: Investment Funds homepage and Investment Funds Practitioner publications

Investment funds - IFRS and NI 81-106 Investment Fund Continuous Disclosure

Modernization of Investment Fund Product Regulation - Alternative Mutual Funds, page 6

OSC Staff Notice 33-749 Annual Summary Report for Dealers, Advisers and Investment Fund Managers, page 45

Companion Policy 52-107CP Acceptable Accounting Principles and Auditing Standards, section 1.1

The Investment Funds Practitioner, publication of the Investment Funds and Structured Products Branch

Net asset value (NAV) errors and adjustments

See Investment funds and investment fund managers ➜ Net asset value (NAV) errors and adjustments, including responsibility for NAV, NAV errors and NAV error correction

Registrants' annual financial statements and interim financial information - preparation in accordance with NI 52-107 and IFRS

OSC Staff Notice 33-751 Summary Report for Dealers, Advisers and Investment Fund Managers, page 33

CSA Staff Notice 31-350 Guidance on Small Firms Compliance and Regulatory Obligations

OSC Staff Notice 52-723 Office of the Chief Accountant Financial Reporting Bulletin

OSC Staff Notice 33-742 2013 OSC Annual Summary Report for Dealers, Advisers and Investment Fund Managers, page 37

Companion Policy 31-103CP Registration Requirements, Exemptions and Ongoing Registrant Obligations, sections 12.10 - 12.11

OSC Staff Notice 33-736 2011 Annual Summary Report for Dealers, Advisers and Investment Fund Managers, page 34

Companion Policy 52-107CP Acceptable Accounting Principles and Auditing Standards, part 2.7

Registrants' financial statements and interim financial information - separate (non-consolidated) financial statements for subsidiaries/jointly controlled entities

Companion Policy 52-107CP Acceptable Accounting Principles and Auditing Standards, section 2.7

Note to users: The OSC’s Investment Funds and Structured Products Branch provides guidance for issuers of publicly-offered investment funds. You can locate guidance for public fund issuers by clicking: Investment Funds homepage and Investment Funds Practitioner publications

Activities of finders in private placements and prospectus offerings

OSC Staff Notice 33-750 Compliance and Registrant Regulation - Summary Report for Dealers, Advisers and Investment Fund Managers, pages 27 - 28

Flow-through limited partnerships and finder’s fees paid to entities related to investment fund manager

see Flow-through limited partnerships ➜ "Finder's fees paid to entities related to investment fund manager"

Note to users: The OSC’s Investment Funds and Structured Products Branch provides guidance for issuers of publicly-offered investment funds. You can locate guidance for public fund issuers by clicking: Investment Funds homepage and Investment Funds Practitioner publications

Disclosure of past performance

The Investment Funds Practitioner, publication of the Investment Funds and Structured Products Branch,

See Registration - Firms ➜Exemptions from the requirement to register - foreign dealers and advisers

Finder's fees paid to entities related to investment fund manager

The Investment Funds Practitioner, publication of the Investment Funds and Structured Products Branch

Rollovers of flow-through limited partnerships

The Investment Funds Practitioner, publication of the Investment Funds and Structured Products Branch

Exemptions from registration - Commodity Futures Act (Ontario) - foreign dealers

See Registration - Firms ➜ Commodity Futures Act (Ontario)

Exemption from registration - U.S. broker-dealers

See Registration - Firms ➜ Exemptions from the requirement to register - foreign dealers and advisers

Time-limited relief granted to foreign broker-dealer to provide outsourced trading service to Canadian asset managers

OSC Staff Notice 33-754 Summary Report for Dealers, Advisers and Investment Fund Managers, page 42

See Over-the-counter (OTC) derivatives ➜ Contracts for difference (CFDs), foreign exchange contracts and similar OTC derivatives offered in Ontario

See Capital requirements and working capital calculations

See Registration - Firms and Registration - Individuals

Note to users: The OSC’s Investment Funds and Structured Products Branch provides guidance for issuers of publicly-offered investment funds. You can locate guidance for public fund issuers by clicking: Investment Funds homepage and Investment Funds Practitioner publications

See Investment funds and investment fund managers ➜ beginning with "Fund Facts"

Note to users: The OSC’s Investment Funds and Structured Products Branch provides guidance for issuers of publicly-offered investment funds. You can locate guidance for public fund issuers by clicking: Investment Funds homepage and Investment Funds Practitioner publications

See Investment funds and investment fund managers ➜ Independent Review Committee (IRC)

OSC Staff Notice 33-747 2016 Annual Summary Report for Dealers, Advisers and Investment Fund Managers, page 89

Companion Policy 24-101CP Institutional Trade Matching and Settlement

CSA Staff Notice 24-314 Preparing for the Implementation of T+2 Settlement: Letter to Registered Firms

CSA Staff Notice 24-305 Frequently Asked Questions about National Instrument 24-101 - Institutional trade Matching and Settlement and Related Companion Policy (Revised)

OSC Staff Notice 33-738 2012 OSC Annual Summary Report for Dealers, Advisers and Investment Fund Managers, pages 66-67

Coverage limits and requirements

OSC Staff Notice 33-751 Summary Report for Dealers, Advisers and Investment Fund Managers, page 32

OSC Staff Notice 33-749 Annual Summary Report for Dealers, Advisers and Investment Fund Managers, page 45

OSC Staff Notice 33-748 2017 Annual Summary Report for Dealers, Advisers and Investment Fund Managers, page 21

Companion Policy 31-103CP Registration Requirements, Exemptions and Ongoing Registrant Obligations, part 12, division 2

OSC Staff Notice 33-745 2014 Annual Summary Report for Dealers, Advisers and Investment Fund Managers, pages 44 - 46

OSC Staff Notice 33-736 2011 Annual Summary Report for Dealers, Advisers and Investment Fund Managers, pages 37-38

OSC Staff Notice 33-738 2012 OSC Annual Summary Report for Dealers, Advisers and Investment Fund Managers, page 73

OSC Staff Notice 33-754 Summary Report for Dealers, Advisers and Investment Fund Managers, page 30

Insurance requirements for advisers that hold or have access to client assets

Companion Policy 31-103CP Registration Requirements, Exemptions and Ongoing Registrant Obligations, section 12.4

Exemptions from registration - Commodity Futures Act (Ontario) - foreign dealers

See Registration - Firms ➜ Exemptions from the requirement to register - Commodity Futures Act (Ontario) - dealers

Fees - Participation fees payable by exempt international firms

See Fees - Regulatory fees for market participants ➜ Participation fees - Capital markets participation fees, general guidance

International advisers - exemption from the registration requirement

See Registration - Firms ➜ Exemptions from the requirement to register - advisers

See also Registration - Firms ➜ Exemptions from the requirement to register - foreign dealers and advisers

International dealers - exemption from the registration requirement

See Registration - Firms ➜ Exemptions from the requirement to register - dealers and underwriters

See also Registration - Firms ➜ Exemptions from the requirement to register - foreign dealers and advisers

International investment fund managers - registration requirements and exemptions

See Registration - Firms ➜ Investment fund managers - non-resident investment fund managers

International dealers - exemption from the registration requirement (Commodity Futures Act (Ontario))

See Registration - Firms ➜ Exemptions from the requirement to register - Commodity Futures Act (Ontario) - dealers

Note to users: The OSC’s Investment Funds and Structured Products Branch provides guidance for issuers of publicly-offered investment funds. You can locate guidance for public fund issuers by clicking: Investment Funds homepage and Investment Funds Practitioner publications

See Financial reporting and subtopics

OSC Staff Notice 52-723 Office of the Chief Accountant Financial Reporting Bulletin

Note to users: The OSC’s Investment Funds and Structured Products Branch provides guidance for issuers of publicly-offered investment funds. You can locate guidance for public fund issuers by clicking: Investment Funds homepage and Investment Funds Practitioner publications

Borrowing and cash management (mutual funds)

OSC Staff Notice 33-743 Guidance on Sales Practices, Expense Allocation and other Relevant Areas Developed from the Results of the Targeted Review of Large Investment Fund Managers, page 5793

Client reporting requirements for investment fund managers

See Reporting to clients ➜ Investment fund managers - security holder statement requirements for clients of investment fund managers

Closed-end funds (non-redeemable investment funds)

OSC Staff Notice 33-746 2015 Annual Summary Report for Dealers, Advisers and Investment Fund Managers, page 77

Consultants to investment funds - registration as adviser

The Investment Funds Practitioner, publication of the Investment Funds and Structured Products Branch

Definition of "investment fund"

The Investment Funds Practitioner, publication of the Investment Funds and Structured Products Branch

Disclaimers of liability for third party information in prospectuses

The Investment Funds Practitioner, publication of the Investment Funds and Structured Products Branch

Expenses - allocation of expenses to investment funds, fund vs. investment fund manager expenses

OSC Staff Notice 33-749 Annual Summary Report for Dealers, Advisers and Investment Fund Managers, page 43-44

OSC Staff Notice 33-742 2013 OSC Annual Summary Report for Dealers, Advisers and Investment Fund Managers, pages 55-56

OSC Staff Notice 33-738 2012 OSC Annual Summary Report for Dealers, Advisers and Investment Fund Managers, page 72

OSC Staff Notice 33-743 Guidance on Sales Practices, Expense Allocation and other Relevant Areas Developed from the Results of the Targeted Review of Large Investment Fund Managers, page 5787

Fees and commissions - Disclosure of fees negotiated separately between investor and dealer (advisory fees) or fund manager (management/admin fees)

The Investment Funds Practitioner, publication of the Investment Funds and Structured Products Branch

Fees and commissions - Disclosure of management fees - fees payable directly by securityholders

The Investment Funds Practitioner, publication of the Investment Funds and Structured Products Branch

Fees and commissions - Disclosure of trailing commissions paid to discount brokers

The Investment Funds Practitioner, publication of the Investment Funds and Structured Products Branch

Fees and commissions - discount fee arrangements

OSC Staff Notice 33-748 2017 Annual Summary Report for Dealers, Advisers and Investment Fund Managers, pages 72-73

Fees and commissions - Excessive fees

OSC Staff Notice 33-748 2017 Annual Summary Report for Dealers, Advisers and Investment Fund Managers, pages 44-45

Fees and commissions - Fixed administration fees with adjustment payments

The Investment Funds Practitioner, publication of the Investment Funds and Structured Products Branch

Fees and expenses of funds - Disclosure in offering documents

OSC Staff Notice 33-743 Guidance on Sales Practices, Expense Allocation and other Relevant Areas Developed from the Results of the Targeted Review of Large Investment Fund Managers, page 5792

OSC Staff Notice 33-745 2014 Annual Summary Report for Dealers, Advisers and Investment Fund Managers, pages 79

Fiduciary duty - statutory best interest standard and duty of care of investment fund managers

OSC Staff Notice 33-742 2013 OSC Annual Summary Report for Dealers, Advisers and Investment Fund Managers, pages 65-66

Forward purchase agreements (pre-paid forwards)

The Investment Funds Practitioner, publication of the Investment Funds and Structured Products Branch

Fund Facts point of sale disclosure

OSC Staff Notice 33-746 2015 Annual Summary Report for Dealers, Advisers and Investment Fund Managers, page 75

OSC Staff Notice 33-742 2013 OSC Annual Summary Report for Dealers, Advisers and Investment Fund Managers, pages 60-61

OSC Staff Notice 33-736 2011 Annual Summary Report for Dealers, Advisers and Investment Fund Managers, page 51

The Investment Funds Practitioner, publication of the Investment Funds and Structured Products Branch

Fund-of-funds - disclosure of fees and expenses

The Investment Funds Practitioner, publication of the Investment Funds and Structured Products Branch

General guidance - investment fund managers

Companion Policy 31-103CP Registration Requirements, Exemptions and Ongoing Registrant Obligations, section 7.3

Independent Review Committee (IRC)

OSC Staff Notice 33-749 Annual Summary Report for Dealers, Advisers and Investment Fund Managers, page 54-55

The Investment Funds Practitioner, publication of the Investment Funds and Structured Products Branch

OSC Staff Notice 33-736 2011 Annual Summary Report for Dealers, Advisers and Investment Fund Managers, pages 49-50

OSC Staff Notice 33-745 2014 Annual Summary Report for Dealers, Advisers and Investment Fund Managers, pages 53 - 57

Inter-fund trades (cross trades)

See Portfolio managers ➜ Trades between client accounts and inter-fund trades (prohibited cross trades)

International Financial Reporting Standards (IFRS) and investment funds

See Financial reporting ➜ Investment funds - International Financial Reporting Standards (IFRS) and NI 81-106 Investment Fund Continuous Disclosure

Liquidity (mutual fund portfolio assets)

OSC Staff Notice 33-746 2015 Annual Summary Report for Dealers, Advisers and Investment Fund Managers, pages 75 - 76

Marketing practices

See Sales practices (mutual funds) Also see Marketing practices

Money-market funds, hedge funds and non-conventional investment funds - market turmoil review, findings and suggested practices

OSC Staff Notice 33-734 2010 Compliance and Registrant Regulation Branch Annual Report, page 34

Mortgage investment entities and investment funds

See Mortgage investment entities (MIEs)

Net asset value (NAV) errors and adjustments, including responsibility for NAV, NAV errors and NAV error correction

OSC Staff Notice 33-752 2021 Annual Summary Report for Dealers, Advisers and Investment Fund Managers, pages 30-31

OSC Staff Notice 33-742 2013 OSC Annual Summary Report for Dealers, Advisers and Investment Fund Managers, pages 58-60

Companion Policy 31-103CP Registration Requirements, Exemptions and Ongoing Registrant Obligations, section 12.14

OSC Staff Notice 33-734 2010 Compliance and Registrant Regulation Branch Annual Report, page 32

OSC Staff Notice 33-745 2014 Annual Summary Report for Dealers, Advisers and Investment Fund Managers, pages 76 - 77

Offering memoranda

See Offering memoranda

Organizational structure of an investment fund manager

OSC Staff Notice 33-745 2014 Annual Summary Report for Dealers, Advisers and Investment Fund Managers

Orphaned accounts and security holder statements

See Reporting to clients ➜ Security holder statements and orphaned accounts

Outsourcing to third party service providers

OSC Staff Notice 33-747 2016 Annual Summary Report for Dealers, Advisers and Investment Fund Managers, pages 64-65

See Compliance system of registered firm ➜ Oversight of third party service providers (outsourcing) - all registrants and Oversight of third party service providers (outsourcing) - investment fund managers

Prohibited inter-fund trades

OSC Staff Notice 33-750 Compliance and Registrant Regulation - Summary Report for Dealers, Advisers and Investment Fund Managers, page 38

OSC Staff Notice 33-747 2016 Annual Summary Report for Dealers, Advisers and Investment Fund Managers, pages 61-62

Prohibited investments for investment funds

OSC Staff Notice 33-751 Summary Report for Dealers, Advisers and Investment Fund Managers, page 44

OSC Staff Notice 33-750 Compliance and Registrant Regulation - Summary Report for Dealers, Advisers and Investment Fund Managers, page 37

OSC Staff Notice 33-748 2017 Annual Summary Report for Dealers, Advisers and Investment Fund Managers, page 69

See also Portfolio managers ➜ Trades between client accounts and inter-fund trades (prohibited cross trades)

OSC Staff Notice 33-746 2015 Annual Summary Report for Dealers, Advisers and Investment Fund Managers, page 74

OSC Staff Notice 33-734 2010 Compliance and Registrant Regulation Branch Annual Report, pages 33-34

OSC Staff Notice 33-745 2014 Annual Summary Report for Dealers, Advisers and Investment Fund Managers, pages 53 - 55, page 77

OSC Staff Notice 33-754 Summary Report for Dealers, Advisers and Investment Fund Managers, pages 25-26

Prohibited lending by investment fund manager to investment fundProhibited lending by investment fund manager to investment fund

OSC Staff Notice 33-747 2016 Annual Summary Report for Dealers, Advisers and Investment Fund Managers, pages 60-61

Registration - investment fund managers

See various subtopics under Registration - Firms including:
Registration - Firms ➜ Investment fund managers;
Registration - Firms ➜ Investment fund managers - fund complexes or groups with more than one investment fund manager;
Registration - Firms ➜ non-resident investment fund managers

Registration exemptions for non-resident investment fund managers

See Registration - Firms ➜ Investment fund managers - non-resident investment fund managers

Sales communications by publicly offered investment funds

OSC Staff Notice 33-742 2013 OSC Annual Summary Report for Dealers, Advisers and Investment Fund Managers, page 61

Sales practices (mutual funds)

OSC Staff Notice 33-750 Compliance and Registrant Regulation - Summary Report for Dealers, Advisers and Investment Fund Managers, pages 35 - 36

OSC Staff Notice 33-749 Annual Summary Report for Dealers, Advisers and Investment Fund Managers, page 56-63

OSC Staff Notice 33-748 2017 Annual Summary Report for Dealers, Advisers and Investment Fund Managers, page 70-73

Companion Policy to National Instrument 81-105 Mutual Fund Sales Practices

OSC Staff Notice 33-747 2016 Annual Summary Report for Dealers, Advisers and Investment Fund Managers, page 65

OSC Staff Notice 33-743 Guidance on Sales Practices, Expense Allocation and other Relevant Areas Developed from the Results of the Targeted Review of Large Investment Fund Managers, page 5778, Appendix A

OSC Staff Notice 33-745 2014 Annual Summary Report for Dealers, Advisers and Investment Fund Managers, pages 71 - 72

The Investment Funds Practitioner, publication of the Investment Funds and Structured Products Branch,

Short-term trading and excessive trading

OSC Staff Notice 33-734 2010 Compliance and Registrant Regulation Branch Annual Report, pages 31-32

Side letters

OSC Staff Notice 33-750 Compliance and Registrant Regulation - Summary Report for Dealers, Advisers and Investment Fund Managers, page 39

Valuation of securities held in investment funds

OSC Staff Notice 33-750 Compliance and Registrant Regulation - Summary Report for Dealers, Advisers and Investment Fund Managers, pages 31 -32

OSC Staff Notice 33-738 2012 OSC Annual Summary Report for Dealers, Advisers and Investment Fund Managers, page 71

Yield/income funds - regular distributions in excess of earnings

The Investment Funds Practitioner, publication of the Investment Funds and Structured Products Branch

Accredited investor qualification and determining whether prospectus exemption is available

See Exempt market dealers (EMDs) ➜ Accredited investor exemption and sale of exempt securities to non-accredited investors

Client-directed trade instructions

OSC Staff Notice 33-751 Summary Report for Dealers, Advisers and Investment Fund Managers, page 35

OSC Staff Notice 33-748 2017 Annual Summary Report for Dealers, Advisers and Investment Fund Managers, pages 50-55

CSA Staff Notice 31-336 Guidance for Portfolio Managers, Exempt Market Dealers and Other Registrants on the Know-Your Client, Know-Your-Product and Suitability Obligations, page 415-417

OSC Staff Notice 33-740 Report on the Results of the 2012 Targeted Review of Portfolio Managers and Exempt Market Dealers to Assess Compliance with the Know-Your-Client, Know-Your-Product and Suitability Obligations, pages 5649-50

OSC Staff Notice 33-754 Summary Report for Dealers, Advisers and Investment Fund Managers, pages 26-27

Delegation of KYC & suitability obligations by portfolio manager to affiliated dealer

OSC Staff Notice 33-748 2017 Annual Summary Report for Dealers, Advisers and Investment Fund Managers, pages 63-66

Delegation of KYC & suitability obligations by portfolio managers to referral agents

Delegation of KYC & suitability obligations, general guidance

OSC Staff Notice 33-751 Summary Report for Dealers, Advisers and Investment Fund Managers, page 37

OSC Staff Notice 33-746 2015 Annual Summary Report for Dealers, Advisers and Investment Fund Managers, pages 39 - 41

CSA Staff Notice 31-336 Guidance for Portfolio Managers, Exempt Market Dealers and Other Registrants on the Know-Your Client, Know-Your-Product and Suitability Obligations, page 409

Companion Policy 31-103CP Registration Requirements, Exemptions and Ongoing Registrant Obligations, section 13.3

OSC Staff Notice 33-740 Report on the Results of the 2012 Targeted Review of Portfolio Managers and Exempt Market Dealers to Assess Compliance with the Know-Your-Client, Know-Your-Product and Suitability Obligations, page 5651

OSC Staff Notice 33-745 2014 Annual Summary Report for Dealers, Advisers and Investment Fund Managers, pages 61 - 63

Disclosure to clients re KYC and suitability

Inappropriate use of disclaimers and limitation of liability

OSC Staff Notice 33-747 2016 Annual Summary Report for Dealers, Advisers and Investment Fund Managers, pages 74-75

OSC Staff Notice 33-740 Report on the Results of the 2012 Targeted Review of Portfolio Managers and Exempt Market Dealers to Assess Compliance with the Know-Your-Client, Know-Your-Product and Suitability Obligations, page 5650

KYC and suitability - insider status of clients

See Portfolio managers ➜ Insider status of clients and insider trading rules

KYC and suitability - general guidance

KYP and product due diligence

OSC Staff Notice 33-748 2017 Annual Summary Report for Dealers, Advisers and Investment Fund Managers, pages 47-48

OSC Staff Notice 33-747 2016 Annual Summary Report for Dealers, Advisers and Investment Fund Managers, pages 45-46, pages 47-48

CSA Staff Notice 31-336 Guidance for Portfolio Managers, Exempt Market Dealers and Other Registrants on the Know-Your Client, Know-Your-Product and Suitability Obligations, page 410

CSA Staff Notice 33-315 Suitability Obligation and Know Your Product

OSC Staff Notice 33-745 2014 Annual Summary Report for Dealers, Advisers and Investment Fund Managers, pages 60 - 61

KYP and registrant proficiency

CSA Staff Notice 31-336 Guidance for Portfolio Managers, Exempt Market Dealers and Other Registrants on the Know-Your Client, Know-Your-Product and Suitability Obligations, pages 409-410

KYP and suitability

OSC Staff Notice 33-747 2016 Annual Summary Report for Dealers, Advisers and Investment Fund Managers, pages 45-46, pages 47-48

CSA Staff Notice 31-336 Guidance for Portfolio Managers, Exempt Market Dealers and Other Registrants on the Know-Your Client, Know-Your-Product and Suitability Obligations

CSA Staff Notice 33-315 Suitability Obligation and Know Your Product

Companion Policy 31-103CP Registration Requirements, Exemptions and Ongoing Registrant Obligations, section 13.3

OSC Staff Notice 33-738 2012 OSC Annual Summary Report for Dealers, Advisers and Investment Fund Managers, pages 14-16, pages 53-54

OSC Staff Notice 33-736 2011 Annual Summary Report for Dealers, Advisers and Investment Fund Managers, pages 52-53

OSC Staff Notice 33-734 2010 Compliance and Registrant Regulation Branch Annual Report, pages 26-27

On-line advising KYC process and suitability determination

See On-line advising or dealing services ➜ On-line advisory services by portfolio managers

Portfolio managers and KYC in Investment Policy Statements (IPSs) and Investment Management Agreements (IMAs)

CSA Staff Notice 31-336 Guidance for Portfolio Managers, Exempt Market Dealers and Other Registrants on the Know-Your Client, Know-Your-Product and Suitability Obligations, page 409

OSC Staff Notice 33-742 2013 OSC Annual Summary Report for Dealers, Advisers and Investment Fund Managers, pages 48-49

OSC Staff Notice 33-738 2012 OSC Annual Summary Report for Dealers, Advisers and Investment Fund Managers, page 16

Senior investors

OSC Staff Notice 33-749 Annual Summary Report for Dealers, Advisers and Investment Fund Managers, page 48-51

OSC Staff Notice 33-749 Annual Summary Report for Dealers, Advisers and Investment Fund Managers, page 36-37

OSC Staff Notice 33-748 2017 Annual Summary Report for Dealers, Advisers and Investment Fund Managers, pages 38-39, pages 57-58

OSC Staff Notice 33-747 2016 Annual Summary Report for Dealers, Advisers and Investment Fund Managers, pages 41-42

Suitability of trades, advice and/or investments

Also see Exempt market dealers (EMDs) ➜ Accredited investor exemption and sale of exempt securities to non-accredited investors

CSA Staff Notice 31-336 Guidance for Portfolio Managers, Exempt Market Dealers and Other Registrants on the Know-Your Client, Know-Your-Product and Suitability Obligations, page 413

CSA Staff Notice 33-315 Suitability Obligation and Know Your Product

OSC Staff Notice 33-740 Report on the Results of the 2012 Targeted Review of Portfolio Managers and Exempt Market Dealers to Assess Compliance with the Know-Your-Client, Know-Your-Product and Suitability Obligations, page 5649

OSC Staff Notice 33-738 2012 OSC Annual Summary Report for Dealers, Advisers and Investment Fund Managers, pages 53-54

OSC Staff Notice 33-754 Summary Report for Dealers, Advisers and Investment Fund Managers, pages 26-27

Vulnerable investors

OSC Staff Notice 33-748 2017 Annual Summary Report for Dealers, Advisers and Investment Fund Managers, pages 38-39, pages 57-58

OSC Staff Notice 33-747 2016 Annual Summary Report for Dealers, Advisers and Investment Fund Managers, pages 41-42

Restriction on lending to clients

OSC Staff Notice 33-747 2016 Annual Summary Report for Dealers, Advisers and Investment Fund Managers, pages 60-61

See Crowdfunding under MI 45-108 ➜ Restricted dealer funding portal - restriction on lending

Companion Policy 31-103CP Registration Requirements, Exemptions and Ongoing Registrant Obligations section 13.12

Note to users: The OSC’s Investment Funds and Structured Products Branch provides guidance for issuers of publicly-offered investment funds. You can locate guidance for public fund issuers by clicking: Investment Funds homepage and Investment Funds Practitioner publications

See Portfolio managers, also see topic/subtopic for specific subject matter

Calculation methodology

See Reporting to clients ➜ Market value of investments and accounts

Note to users: The OSC’s Investment Funds and Structured Products Branch provides guidance for issuers of publicly-offered investment funds. You can locate guidance for public fund issuers by clicking: Investment Funds homepage and Investment Funds Practitioner publications

Benchmarks

OSC Staff Notice 33-752 2021 Annual Summary Report for Dealers, Advisers and Investment Fund Managers, page 22

OSC Staff Notice 33-738 2012 OSC Annual Summary Report for Dealers, Advisers and Investment Fund Managers, pages 73-74

CSA Staff Notice 31-325 Marketing Practices of Portfolio Managers, pages 7441-7442

OSC Staff Notice 33-754 Summary Report for Dealers, Advisers and Investment Fund Managers, page 35-36

Exaggerated and unsubstantiated claims

OSC Staff Notice 33-752 2021 Annual Summary Report for Dealers, Advisers and Investment Fund Managers, page 23

OSC Staff Notice 33-749 Annual Summary Report for Dealers, Advisers and Investment Fund Managers, page 66

OSC Staff Notice 33-748 2017 Annual Summary Report for Dealers, Advisers and Investment Fund Managers, pages 43-44

CSA Staff Notice 31-325 Marketing Practices of Portfolio Managers, pages 7440-7441

OSC Staff Notice 33-754 Summary Report for Dealers, Advisers and Investment Fund Managers, pages 32-33, 37

Funding portals

See Crowdfunding under MI 45-108 ➜ Funding portals - advertising and general solicitation

General guidance

OSC Staff Notice 33-748 2017 Annual Summary Report for Dealers, Advisers and Investment Fund Managers, pages 43-44

CSA Staff Notice 31-325 Marketing Practices of Portfolio Managers

OSC Staff Notice 33-738 2012 OSC Annual Summary Report for Dealers, Advisers and Investment Fund Managers, pages 73-74

OSC Staff Notice 33-736 2011 Annual Summary Report for Dealers, Advisers and Investment Fund Managers, pages 44-45, pages 55-56

OSC Staff Notice 33-734 2010 Compliance and Registrant Regulation Branch Annual Report, pages 37-38

GIPS compliance

OSC Staff Notice 33-734 2010 Compliance and Registrant Regulation Branch Annual Report, pages 26-27

Hypothetical performance data

OSC Staff Notice 33-749 Annual Summary Report for Dealers, Advisers and Investment Fund Managers, page 66

CSA Staff Notice 31-325 Marketing Practices of Portfolio Managers, pages 7439-7440

OSC Staff Notice 33-754 Summary Report for Dealers, Advisers and Investment Fund Managers, pages 34-35

Improper marketing of Canadian Investor Protection Fund coverage

OSC Staff Notice 33-747 2016 Annual Summary Report for Dealers, Advisers and Investment Fund Managers, pages 56-57

Improper marketing of registration

OSC Staff Notice 33-747 2016 Annual Summary Report for Dealers, Advisers and Investment Fund Managers, pages 56-57

OSC Staff Notice 33-754 Summary Report for Dealers, Advisers and Investment Fund Managers, pages 32-33

Misleading titles

OSC Staff Notice 33-748 2017 Annual Summary Report for Dealers, Advisers and Investment Fund Managers, pages 23-24

Names and titles - using titles that imply registration; inappropriate use of business or trade names

OSC Staff Notice 33-752 2021 Annual Summary Report for Dealers, Advisers and Investment Fund Managers, pages 24-25

CSA Staff Notice 31-325 Marketing Practices of Portfolio Managers, pages 7443-7444

Performance composites

CSA Staff Notice 31-325 Marketing Practices of Portfolio Managers, pages 7442-7443

Performance returns from a previous firm, and from proprietary firm and individual portfolio manager accounts

OSC Staff Notice 33-734 2010 Compliance and Registrant Regulation Branch Annual Report, pages 23-24

CSA Staff Notice 31-325 Marketing Practices of Portfolio Managers, pages 7444-7445

Policies, procedures and internal controls

CSA Staff Notice 31-325 Marketing Practices of Portfolio Managers, page 7441

OSC Staff Notice 33-754 Summary Report for Dealers, Advisers and Investment Fund Managers, page 36

Sales communications by publicly offered investment funds

See Investment funds and investment fund managers ➜ Sales communications by publicly offered investment funds

Testimonials

OSC Staff Notice 33-747 2016 Annual Summary Report for Dealers, Advisers and Investment Fund Managers, pages 34-35

Use of another registrant's name

OSC Staff Notice 33-754 Summary Report for Dealers, Advisers and Investment Fund Managers, pages 32-33

Use of social media

OSC Staff Notice 33-749 Annual Summary Report for Dealers, Advisers and Investment Fund Managers, page 38

CSA Staff Notice 33-321 Cyber Security and Social Media

CSA Staff Notice 31-325 Marketing Practices of Portfolio Managers, page 7438

OSC Staff Notice 33-736 2011 Annual Summary Report for Dealers, Advisers and Investment Fund Managers, pages 38-39

See Complaint handling ➜ Dispute resolution service

Note to users: The OSC’s Investment Funds and Structured Products Branch provides guidance for issuers of publicly-offered investment funds. You can locate guidance for public fund issuers by clicking: Investment Funds homepage and Investment Funds Practitioner publications

Mortgage investment entities and investment funds

OSC Staff Notice 81-722 Mortgage Investment Entities and Investment Funds

Registration obligations - investment fund manager, adviser, dealer

OSC Staff Notice 33-738 2012 OSC Annual Summary Report for Dealers, Advisers and Investment Fund Managers, pages 27-28

OSC Staff Notice 33-736 2011 Annual Summary Report for Dealers, Advisers and Investment Fund Managers, pages 22-23

CSA Staff Notice 31-323 Guidance Relating to the Registration Obligations of Mortgage Investment Entities

OSC Staff Notice 81-722 Mortgage Investment Entities and Investment Funds

See Registration - General guidance ➜ National Registration Database (NRD)

Note to users: The OSC’s Investment Funds and Structured Products Branch provides guidance for issuers of publicly-offered investment funds. You can locate guidance for public fund issuers by clicking: Investment Funds homepage and Investment Funds Practitioner publications

See Investment funds and investment fund managers ➜ Net asset value (NAV) errors and adjustments, including responsibility for NAV, NAV errors and NAV error correction

Guidance on use of offering memoranda in connection with distributions in reliance on certain prospectus exemptions

Companion Policy 45-501CP Ontario Prospectus and Registration Exemptions, sections 5.1 - 5.7

Investment funds offered by offering memorandum, disclosure in

OSC Staff Notice 33-742 2013 OSC Annual Summary Report for Dealers, Advisers and Investment Fund Managers, pages 56-57

Offering memorandum prospectus exemption

See Prospectus exemptions ➜ OM exemption

Right of action for damages and right of rescission in

Companion Policy 45-501CP Ontario Prospectus and Registration Exemptions, section 5.3

OSC Staff Notice 33-742 2013 OSC Annual Summary Report for Dealers, Advisers and Investment Fund Managers, pages 56-57

See Complaint handling ➜ Dispute resolution service

Contracts for difference (CFDs) offered through internet by unregistered entities

See Over-the-counter (OTC) derivatives ➜ Contracts for difference (CFDs), foreign exchange contracts and similar OTC derivatives offered in Ontario

Crowdfunding under MI 45-108

OSC Staff Notice 33-747 2016 Annual Summary Report for Dealers, Advisers and Investment Fund Managers, pages 17-18

See Crowdfunding under MI 45-108

Internet platforms and other unregistered entities engaged in registrable activities

OSC Staff Notice 33-738 2012 OSC Annual Summary Report for Dealers, Advisers and Investment Fund Managers, pages 26-27

Intermediaries in the exempt market

Exempt Market Review - Backgrounder, pages 3-4

On-line advisory services by portfolio managers

OSC Staff Notice 33-748 2017 Annual Summary Report for Dealers, Advisers and Investment Fund Managers, pages 60-63

OSC Staff Notice 33-747 2016 Annual Summary Report for Dealers, Advisers and Investment Fund Managers, pages 52-54, pages 58-59

CSA Staff Notice 31-342 Guidance for Portfolio Managers Regarding Online Advice

OSC Staff Notice 33-746 2015 Annual Summary Report for Dealers, Advisers and Investment Fund Managers, pages 69 - 70

OSC Staff Notice 33-736 2011 Annual Summary Report for Dealers, Advisers and Investment Fund Managers, pages 46-47

OSC Staff Notice 33-745 2014 Annual Summary Report for Dealers, Advisers and Investment Fund Managers, page 27

"Online" delivery platforms: new business models

Peer-to-peer lending websites

OSC Staff Notice 33-747 2016 Annual Summary Report for Dealers, Advisers and Investment Fund Managers, pages 16-19

OSC Staff Notice 33-746 2015 Annual Summary Report for Dealers, Advisers and Investment Fund Managers, page 27

OSC Media Release June 19, 2015 OSC Sets Out Expectations for Businesses Planning to Operate Peer-to Peer Lending Websites

OSC Staff Notice 33-748 2017 Annual Summary Report for Dealers, Advisers and Investment Fund Managers, pages 14

See OSC LaunchPad website

See Cryptocurrency Offerings

OSC Staff Notice 33-748 2017 Annual Summary Report for Dealers, Advisers and Investment Fund Managers, pages 45-47

See Conflicts of interest ➜ Outside business activities of registered or permitted individuals

See Compliance system of registered firm ➜ Oversight of third party service providers (outsourcing) - investment fund managers, also see subtopic Oversight of third party service providers (outsourcing) - all registrants