The Ontario Securities Commission has released the findings of a continuous disclosure (CD) review targeting the advertising and marketing materials of publicly offered investment funds. The findings indicate that some investment funds continue to use subtly misleading communications practices. The OSC observed that some basic requirements, such as providing the date of first publication for a written sales communication, were frequently not met. Also, some sales communications did not contain all of the mandated information, but instead referred to another source (such as the fund's website or prospectus), for more information. As a result, several fund managers had to take the following steps to remedy their non-compliance with disclosure requirements: Potentially misleading performance charts in sales communications were removed or replaced with more balanced charts. Potentially misleading headlines or slogans were removed from advertisements and marketing materials. Standard
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