TD Asset Management Inc. has won an exemption from making annual disclosure to discretionary managed account clients concerning the TD funds it may buy for those clients.

The regulators ruled that the annual discretionary management disclosure requirement shall not apply to TDAM when it’s acting as an advisor, by exercising discretionary authority for managed accounts, in respect of units of a TDAM fund.

The relief requires that: TDAM secures the written consent of the managed account client to the exercise of discretionary authority; and, it has provided the client with a statement of policies which identifies the relationship between TDAM and the TDAM fund. Without the relief, it would be required to provide disclosure “on a specified periodic basis”.