{"id":801,"date":"2023-11-07T01:34:46","date_gmt":"2023-11-07T01:34:46","guid":{"rendered":"https:\/\/financeify.ca\/?p=801"},"modified":"2023-11-07T01:34:46","modified_gmt":"2023-11-07T01:34:46","slug":"segmented-fund-dsc-ban-across-canada-ccir","status":"publish","type":"post","link":"https:\/\/financeify.ca\/index.php\/2023\/11\/07\/segmented-fund-dsc-ban-across-canada-ccir\/","title":{"rendered":"Segmented fund DSC ban across Canada: CCIR"},"content":{"rendered":"

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Insurance regulators expect the industry to stop selling new segregated funds with a deferred sales charge (DSC) structure after May 31, even in provinces that haven’t yet announced their own regulations.<\/p>\n

\u201cWhile some jurisdictions may not have made announcements regarding DSC and the June 1 ban, members of the (Canadian Council of Insurance Regulators) and (Canadian Insurance Regulatory Organizations) expect the industry to follow national policy direction,\u201d Tony Toy, manager CCIR policy officer, he wrote in an email to Advisor.ca.<\/p>\n

On Wednesday, Ontario Finance Minister Peter Bethlenfalvy approved a DSC ban on new contracts with individual seg funds, effective June 1. Quebec’s Autorit\u00e9 des march\u00e9s financiers published a proposed ban on public consultations in December, with comments open until January 31.<\/p>\n

In 2022, CCIR and CISRO proposed a Canada-wide ban amid concerns that regulatory arbitrage could result from introducing one set of rules for mutual funds and a different set for seg funds.<\/p>\n

\u201cAll CCIR and CISRO members support the DSC policy direction published on February 10, 2022.\u201d Toy said.<\/p>\n

Advisor.ca reached out to several provinces for a status update and by press time only Nova Scotia had responded.<\/p>\n

\u201cNova Scotia supports the ban and will publish a bulletin with guidance for agents doing business in Nova Scotia,\u201d Department of Finance spokesman Steven Stewart wrote in an email.<\/p>\n

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Insurance regulators expect the industry to stop selling new segregated funds with a deferred sales charge (DSC) structure after May 31, even in provinces that haven’t yet announced their own regulations. \u201cWhile some jurisdictions may not have made announcements regarding DSC and the June 1 ban, members of the (Canadian Council of Insurance Regulators) and […]<\/p>\n","protected":false},"author":1,"featured_media":802,"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":[306,34,194,305,212,304],"class_list":{"0":"post-801","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-seg-fund-investments","8":"tag-ban","9":"tag-canada","10":"tag-ccir","11":"tag-dsc","12":"tag-fund","13":"tag-segmented"},"aioseo_notices":[],"yoast_head":"\nSegmented fund DSC ban across Canada: CCIR - 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