On June 13, the Canadian Securities Administrators (CSA) and the Canadian Council of Insurance Regulators (CCIR), with the participation of the Canadian Investment Regulatory Organization (CIRO), discussed the formation of an implementation committee for the new total cost reporting rules. As mentioned in our April bulletin here, the first new annual reports to clients will have to be delivered for the calendar year ending December 31, 2026.
The new committee is intended to support the industry by providing guidance and answering questions with respect to the implementation of the new rules, which are intended to enhance the current disclosure of the total embedded costs of owning investment funds and segregated funds. The committee is also intended to provide regulators with updates as to the industry’s progress toward implementation of the new requirements. It was noted in the CSA’s press release discussing the formation of the committee that industry stakeholders will have a forum to submit questions directly, and also through industry associations.
June 30, 2023