Investment fund survey

The OSC has a mandate to (i) protect investors, (ii) foster fair, efficient and competitive capital markets and confidence in capital markets, (iii) foster capital formation, and (iv) contribute to the stability of the financial system and reduce systemic risk. Given the importance of investment funds for Ontario’s investors and capital markets, the resilience of the investment fund industry is critical, particularly during periods of financial and economic stress. 

The OSC also collaborates on its monitoring activities with other regulatory bodies with a shared interest in promoting financial stability. Domestically, the OSC is part of the Heads of Agencies which provides a forum for federal and provincial bodies to discuss financial sector issues. Globally, the OSC is a member jurisdiction of the International Organization of Securities Commissions (IOSCO) and coordinates information sharing with organizations such as the Financial Stability Board (FSB).

The information provided in the Investment Fund Survey will allow for the development of a risk identification framework to deliver on the OSC’s mandate. In addition, the data gathered will allow for comprehensive and meaningful information sharing and interactions with regulatory partners, both domestically and internationally. 

Part 1: Reportable Investment Funds

All investment funds managers registered in Ontario are requested to complete Part 1 of the Investment Survey. In Part 1, investment fund managers are asked whether they manage any investment funds (including labour-sponsored funds and scholarship plans).  Part 1 collects high-level profile information about the manager via the OSC’s Electronic Filing Portal. If you are a registered investment fund manager and your firm did not receive an email notification prompting you to complete Part 1 on January 17, 2024, please email: 

[email protected].

The deadline for completing Part 1 is January 30, 2024.

Part 2: The Investment Fund Spreadsheet

Investment fund managers are also asked to complete the Investment Fund Spreadsheet for all investment funds as of December 31, 2023. Once completed, the Investment Fund Spreadsheet should be submitted via the OSC’s Electronic Filing Portal.

The deadline for submitting the Investment Fund Spreadsheet is April 30, 2024.

This survey covers all investment funds, including prospectus-exempt and prospectus-qualified investment funds as of December 31, 2023. Information on these funds should be reported in the Investment Fund Spreadsheet.

Investment funds can include a range of products, including mutual funds, exchange-traded funds, closed-end funds, hedge funds, pooled funds, labour-sponsored funds, scholarship plans, flow-through LPs, etc.

IFMs registered in Ontario will be required to complete the Investment Fund Survey for all investment funds for which they act as the IFM, including labour-sponsored investment funds and scholarship plans. The $10 million net asset reporting threshold will be removed, meaning that investment fund managers are asked to report on all their funds, including small funds and funds that were closed, merged, or sold in 2023. 

For each investment fund, IFMs will be required to report the following information, as applicable: 

• portfolio allocation methodology for all funds, previously this requirement only applied to ETFs and mutual funds with an ETF series;
• revised drop-down options for daily holdings disclosure of ETFs and funds with ETF series;  
• annual net performance return of the fund;
• management expense ratio (MER) of the series or class with the highest MER (excluding deferred sales charge series);
• performance fee/allocation charged, if any;
• termination date for any investment funds that may have been closed, merged, or sold during the calendar year; and
• risk rating. 

Historical Investment Fund Survey spreadsheets used to collect data can be found below:

• 2023 Investment Fund Survey spreadsheet- Do not use
• 2022 Investment Fund Survey spreadsheet- Do not use
• 2021 Investment Fund Survey spreadsheet- Do not use

The OSC continues to explore, strategize, and execute on streamlined and efficient data collection and usage. We will continue to build capabilities, which we believe will result in reduced burden and a better experience around this process for our participants going forward.

The introduction of the Digital Solutions branch is one step towards the digital transformation of the OSC. By working closely with the Digital Solutions branch, we are modernizing our business and data collection platforms and processes in alignment with the strategic plans noted above.

To further the OSC’s mandate of contributing to financial stability and reducing systemic risk, data from the Investment Fund Survey may be shared confidentially with other government departments and regulatory agencies, such as the Bank of Canada, Statistics Canada, and other Canadian Securities Administrators (CSA) jurisdictions, pursuant to existing MOUs and applicable law. In addition, the aggregated results of the Investment Fund Survey are published annually to promote greater transparency in a manner that protects IFM confidentiality.

More information on the Investment Fund Survey is also available in OSC Staff Notice 81-732 Investment Fund Survey.

If you have any questions, concerns or suggested improvements, please contact: [email protected].