Topics F - O

Subtopic
Guidance

Participation fees - application of certain fee rules to public investment funds that have investment fund managers

Participation fees - Registrants under both the Securities Act and the Commodity Futures Act

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

Subtopic
Guidance

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

Subtopic
Guidance

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

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

Subtopic
Guidance

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

Subtopic
Guidance

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

Subtopic
Guidance

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

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

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)

Subtopic
Guidance

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

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

Subtopic
Guidance

Client reporting requirements for investment fund managers

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

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

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 - Fixed administration fees with adjustment payments

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

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

Forward purchase agreements (pre-paid forwards)

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

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

Marketing practices

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

Mortgage investment entities and investment funds

Offering memoranda

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

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

Yield/income funds - regular distributions in excess of earnings

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

Subtopic
Guidance

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

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

KYC and suitability - insider status of clients

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

KYC and suitability - general guidance

OSC Staff Notice 33-751 Summary Report for Dealers, Advisers and Investment Fund Managers, page 34-35

OSC Staff Notice 33-750 Compliance and Registrant Regulation - Summary Report for Dealers, Advisers and Investment Fund Managers, page 34

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

OSC Staff Notice 33-748 2017 Annual Summary Report for Dealers, Advisers and Investment Fund Managers, pages 35-36

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

OSC Staff Notice 33-746 2015 Annual Summary Report for Dealers, Advisers and Investment Fund Managers, pages 52 - 53pages 65 - 67

Companion Policy 31-103CP Registration Requirements, Exemptions and Ongoing Registrant Obligations, sections 13.2section 13.3

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

OSC Staff Notice 33-745 2014 Annual Summary Report for Dealers, Advisers and Investment Fund Managers, pages 41 - 43

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, pages 5651-5652

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

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

On-line advising KYC process and suitability determination

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

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

Subtopic
Guidance

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

Subtopic
Guidance

Funding portals

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

Sales communications by publicly offered investment funds

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

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

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

Subtopic
Guidance

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

Offering memorandum prospectus exemption

See Prospectus exemptions ➜ OM exemption

Subtopic
Guidance

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

Internet platforms and other unregistered entities engaged in registrable activities

Intermediaries in the exempt market

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

Subtopic
Guidance

Definition of derivatives for purpose of derivative data reporting OSC Rule 91-507