The Ontario Securities Commission has granted relief to AGF Funds Inc. and its senior vice president, corporate secretary and chief auditor, Beatrice Ip, from registrant proficiency requirements in order to carry out supervisory functions.

Ip has worked in the securities industry for approximately 16 years, 13 of them in a compliance role. She has completed the Canadian Investment Funds Course and the Partners, Directors and Senior Officers Qualifying Examination, and she is a member of the Institute of Internal Auditors. Before the implementation of the registration rule, she had full responsibility for all compliance functions at AGF. She was also responsible for the enhancement of corporate governance procedures through the introduction of corporate compliance risk monitoring.

Ip does not, however, meet the qualification criteria under the registration rule to be delegated supervisory functions by the designated compliance officer of AGF.

The OSC has granted the relief from meeting those requirements, as long as she doesn’t take on certain supervisory functions. It notes that if the proficiency requirements for compliance officer’s delegates at investment counsel firms and portfolio managers are amended, the relief will terminate one year following the date of the amendment.