{"id":1553,"date":"2024-05-21T17:34:13","date_gmt":"2024-05-21T17:34:13","guid":{"rendered":"https:\/\/financeify.ca\/?p=1553"},"modified":"2024-05-21T17:34:13","modified_gmt":"2024-05-21T17:34:13","slug":"brochures-made-easy","status":"publish","type":"post","link":"https:\/\/financeify.ca\/index.php\/2024\/05\/21\/brochures-made-easy\/","title":{"rendered":"Brochures made easy"},"content":{"rendered":"

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Say goodbye to the 80+ page \u201csimplified\u201d prospectus for investment products. It will soon be much shorter. <\/p>\n

In line with the Ontario Securities Commission’s call to speak out, the commission is working with security and insurance regulators to explore ways to simplify the disclosure documents provided to investors. <\/p>\n

In a speech to the Economic Club of Toronto, OSC President David Wilson said the goal is to develop a two-page, front-and-back point-of-sale disclosure document for mutual funds and segregated funds. <\/p>\n

<\/ads_bigbox> Wilson acknowledged that the current disclosure system is too complex and too lengthy to be useful to investors. When these documents arrive in the mail, “they usually go straight into the blue box,” he says. <\/p>\n

\u201cThe prototype document will contain all key information about the product, sales fees and fees that the investor will be asked to pay,\u201d he explains. The public will see the prototype for the first time on June 15. <\/p>\n

The remainder of Wilson’s speech focused on some of the commission’s ongoing compliance and enforcement challenges, including the ongoing battle with old flaws such as pump-and-dump programs that have been “infused” with new technology. <\/p>\n

To combat these programs, OSC is creating a new unit to combat fraud and illegal distribution, including boiler rooms, and will work with other law enforcement agencies. <\/p>\n

The OSC chairman hopes that strengthened RCMP Integrated Market Enforcement Teams will be helpful. Wilson notes that IMET’s annual budget increased by a third to $40 million from $30 million. While this is a positive move, Wilson notes that funding is contingent on improving IMET’s overall effectiveness. <\/p>\n

Since launching in 2003 and focusing on securities crimes, IMET has not brought charges in any of its high-profile investigations. <\/p>\n

Wilson concluded his speech by calling on audience member Gerry Phillips, Ontario’s minister responsible for securities regulation, “to chart a path toward the urgently needed modernization of our securities regulatory structure.” <\/p>\n<\/p>\n

Filed by Mark Brown Advisor.ca, mark.brown@advisor.rogers.com <\/i><\/p>\n

(26\/04\/07)<\/i><\/p>\n

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In a speech to the Economic Club […]<\/p>\n","protected":false},"author":1,"featured_media":1554,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[18],"tags":[848,849],"class_list":{"0":"post-1553","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-seg-fund-investments","8":"tag-brochures","9":"tag-easy"},"aioseo_notices":[],"yoast_head":"\nBrochures made easy - Financeify<\/title>\n<meta name=\"description\" content=\"Say goodbye to the 80+ page \u201csimplified\u201d prospectus for investment products. It will soon be much shorter. 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