Use of Refilings and Errors List for corrections to continuous disclosure filings, websites and social media

Given the increased importance of websites and social media as ways to market investment funds, staff remind investment fund managers to ensure that their websites and social media are in compliance with applicable securities laws, including Part 15 of National Instrument 81-102 Investment Funds and the guidance on ESG-related sales communications in CSA Staff Notice 81-334 ESG-Related Investment Fund Disclosure.

In March 2018, the Ontario Securities Commission (OSC) published OSC Staff Notice (Revised) 51-711 Refilings and Corrections of Errors (the Staff Notice), which amended OSC Staff Notice 51-711 List of Refilings and Corrections of Errors as a Result of Regulatory Reviews, to clarify and expand on OSC staff’s expectations when, during the course of a staff review, an issuer amends its continuous disclosure record, including disclosure made on the issuer’s website or on social media.

Staff remind investment fund managers that any deficiency for an investment fund issuer that is identified during a staff review and that leads to corrective disclosure to continuous disclosure filings, the investment fund’s website or its social media may result in staff putting the investment fund issuer on the public Refilings and Errors List in accordance with the process set out in the Staff Notice.

Questions:

Sovener Yu, Senior Accountant, Investment Funds and Structured Products Branch
[email protected]