(September 13 – 12:40 ET) – The Canadian Association of Insurance and Financial Advisors and Fidelity Investments Canada Ltd. have received an exemption from the Ontario Securities Commission permitting fund companies to pay a portion of the costs incurred by the association in organizing educational conferences, provided certain conditions are met.
CAIFA was seeking permission for fund companies to pay a portion of its cost in organizing its four regional conferences to be held in July and August, its annual national conference to be held in in Saskatoon from September 23 to 26, and future events.
Fidelity agreed to pay a portion of the costs and sought to sponsor certain educational or social events at these events, subject to the same conditions that allows fund companies to sponsor events held by the Investment Funds Institute of Canada, the Investment Dealers Association and other industry associations.
These conditions include that the primary purpose of the events is educational, no fund family will pay more than 10% of the total direct costs incurred by the association, the reps chosen to attend the event are selected by their dealer, and the events are held in Canada.
The OSC concluded that CAIFA’s conferences and Fidelity’s proposed sponsorship met its test. The exemption is in effect for one year.
-IE Staff