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Mutual Fund News

OSC wants fund firms to increase disclosure

Mutual fund companies must bolster their disclosures to investors and more clearly explain major changes that affect fund returns, the Ontario Securities Commission said in a notice issued yesterday. The OSC recently completed a review of a sample of disclosure documents from investment funds, and sent comment letters to fund managers who represent a total of 45 per cent of the industry's assets under management. The commission said funds must provide a more thorough analysis of the reasons for changes to performance. The OSC also highlighted the lack of compliance with a requirement for funds to compare their performance with the performance of a major market index. As well, the commission said fund managers must also provide a discussion about why their funds overperformed or underperformed the market index.

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