By the time you are reading this reminder, investment fund managers registered in Ontario will have received the 2023 Investment Fund Survey from the Ontario Securities Commission (OSC). As stated by staff, access to the data requested will allow them to proactively monitor the health of the investment fund industry and will assist in the development of a risk identification framework.

Responses are due by April 28, 2023, and are for the period ending December 31, 2022. A page has been set up on the OSC’s website with additional information. By January 30, 2023, investment fund managers should have already submitted the Investment Fund Manager Form, which requested high-level profile information about the managers.

This survey is similar to the previous one in 2022, and includes questions relating to liquidity, leverage and asset class exposure. The spreadsheet must be completed for investment funds (including private funds) with net asset values of at least $10 million as of December 31, 2022, although the survey excludes labour sponsored investment funds and scholarship plans. Data may be confidentially shared with other regulatory agencies, and the results of the survey are published annually.

It is noted on the OSC’s website that future surveys may not have a $10 million threshold for inclusion, and thus as early as next year, investment fund managers may be required to report on all of their funds.

The information requests made in the survey may require a substantial amount of time to complete, and we recommend that clients begin that process now. As always, we remain available to assist if you have any questions or wish to talk through your responses.

January 31, 2023