Investment fund survey

The CSA Systemic Risk Committee published its 2024 Annual Report on Capital Markets, which relied on OSC Investment Fund Survey data in its analysis of mutual funds, ETFs, hedge funds, and private asset funds in Canada.

In 2021, the Ontario Securities Commission (OSC) launched the Investment Fund Survey to collect annual data on the capital markets that we oversee and regulate. The Investment Fund Survey collects data on several areas, including leverage, liquidity, and asset class exposures of investment funds. 

On January 21, the OSC will launch the 2025 Investment Fund Survey which seeks to collect information for the period ending December 31, 2024. The deadline to complete and submit the survey is April 30, 2025.

Why are we conducting this survey?

The OSC has a mandate to (i) protect investors, (ii) foster fair, efficient and competitive capital markets and confidence in capital markets, (iii) foster capital formation, and (iv) contribute to the stability of the financial system and reduce systemic risk. Given the importance of investment funds for Ontario’s investors and capital markets, the resilience of the investment fund industry is critical, particularly during periods of financial and economic stress. 

The OSC also collaborates on its monitoring activities with other regulatory bodies with a shared interest in promoting financial stability. Domestically, the OSC is part of the Heads of Agencies which provides a forum for federal and provincial bodies to discuss financial sector issues. Globally, the OSC is a member jurisdiction of the International Organization of Securities Commissions (IOSCO) and coordinates information sharing with organizations such as the Financial Stability Board (FSB).

The information provided in the Investment Fund Survey will allow for the development of a risk identification framework to deliver on the OSC’s mandate. In addition, the data gathered will allow for comprehensive and meaningful information sharing and interactions with regulatory partners, both domestically and internationally. 

What needs to be completed?

Part 1: Reportable Investment Funds

All investment fund managers (IFMs) registered in Ontario are requested to complete Part 1 of the Investment Survey. In Part 1, IFMs are asked whether they manage any investment funds. Part 1 collects high-level profile information about the manager via the OSC’s Electronic Filing Portal (OSC Portal). If you are a registered IFM and your firm did not receive an email notification prompting you to complete Part 1 on January 21, 2025, please email:

[email protected].

The deadline for completing Part 1 is February 11, 2025

OSC Portal

 

Part 2: The Investment Fund Spreadsheet

IFMs are also asked to complete the Investment Fund Spreadsheet for all investment funds as of December 31, 2024. Once completed, the Investment Fund Spreadsheet should be submitted via the OSC Portal.

The deadline for submitting the Investment Fund Spreadsheet is April 30, 2025

Investment Fund Spreadsheet 2025 Documents ouverts dans un nouvel onglet

Which funds need to be reported?

This survey covers all investment funds, including prospectus-exempt and prospectus-qualified investment funds as of December 31, 2024. Information on these funds should be reported in the Investment Fund Spreadsheet.

Investment funds include a range of products, such as mutual funds, exchange-traded funds (ETFs), closed-end funds, hedge funds, pooled funds, labour-sponsored funds, scholarship plans, flow-through LPs, etc.

Key changes

To improve the quality and scope of data collected to fulfill our regulatory mandate, the Investment Fund Survey will be amended this year to include the following:

  • CIFSC categories, if applicable
  • Guidance on net performance return calculations for all investment funds pursuant to National Instrument 81-102 Investment Funds (see Definitions tab)
  • Greater clarity on certain definitions for asset class reporting (i.e., listed REITs should be considered Listed Equity rather than Real Estate)
  • No netting of receivables and payables, report gross values same as other fields in the geography and asset class sections
  • Prime brokers, designated brokers, and authorized participants identified by LEI rather than by name
  • Unrealized gain (loss), Realized gain (loss), and Interest expenses
  • NAV calculation frequency (daily, weekly, monthly, or longer)
  • Improved total net asset granularity for mutual funds with an ETF series, reporting the share of assets allocated to mutual fund series and ETF series
  • Greater clarity on ETF disclosure for market-making purposes

 

Investment Fund Spreadsheets used to collect historical data can be found below:

Going forward

The OSC continues to explore, strategize, and execute on streamlined and efficient data collection and usage. We will continue to build capabilities, which we believe will result in reduced burden and a better experience around this process for our participants going forward.

We are collaborating closely with our Digital Platforms team in the Information Services and Digital Solutions division to drive the ongoing modernization of our business and data collection platforms and processes.

To further the OSC’s mandate of contributing to financial stability and reducing systemic risk, data from the Investment Fund Survey may be shared confidentially with other government departments and regulatory agencies, such as the Bank of Canada, Canadian Investment Regulatory Organization (CIRO), Statistics Canada, and other Canadian Securities Administrators (CSA) jurisdictions, pursuant to existing MOUs, recognition orders, and applicable law. In addition, the aggregated results of the Investment Fund Survey are published annually to promote greater transparency in a manner that protects IFM confidentiality.

Investment Fund Survey Data Available Here

Assistance

More information on the Investment Fund Survey is also available in OSC Staff Notice 81-732 Investment Fund Survey.

If you have any questions, concerns or suggested improvements, please contact: [email protected].

Frequently asked questions

Identifiers

Each investment fund manager must provide its National Registration Database (NRD) number in the Investment Fund Spreadsheet.

The legal entity identifier (LEI) must be reported in the Investment Fund Spreadsheet for each fund and IFM with an LEI as well as for prime brokers, designated brokers, and authorized participants. The Global Legal Identity Identifier Foundation website may assist with searching for the appropriate LEI.

The SEDAR+ profile number for each prospectus fund must be reported in the Investment Fund Spreadsheet. This number is an 9-character long numeric SEDAR+ code that can be found at the end of the weblink link to the fund’s SEDAR+ profile or in this spreadsheet.

Exchange-rate conversion

Fund dollar amounts can be reported in either Canadian dollars (CAD) or US dollars (USD). For funds with amounts denominated in foreign currencies other than US dollars, please use the Bank of Canada Daily Exchange Rates Lookup tool to convert the value to CAD.

Exchange-rate conversions of positions should be made as of December 31, 2024.

For expenses, gross sales, income, distributions, performance fees/allocations, and redemptions, please report this data with the appropriate daily exchange-rate conversions, if feasible, or with a December 31, 2024 exchange-rate conversion, otherwise.