{
  "title": "Canada: Financial Sector Assessment Program-Technical Note on Regulation and Supervision of Investment Funds",
  "publication": "IMF Staff Country Reports, August 8, 2025",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2025/08/08/canada-financial-sector-assessment-program-technical-note-on-regulation-and-supervision-of-569505",
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  "summary": "This Technical Note considers the regulation, supervision and systemic risk monitoring of the investment fund (IF) sector in the Canadian provinces of Ontario and Québec.",
  "sections": [
    {
      "heading": "Summary of scope and findings",
      "content": "- The Technical Note examines regulation, supervision, and systemic risk monitoring of the investment fund (IF) sector in the Canadian provinces of Ontario and Québec.\n- Canada has implemented many of the recommendations from the 2019 Financial Sector Assessment Program, including several of those of most direct relevance to the IF sector.\n- IFs and their managers are subject to an extensive set of regulatory obligations and safeguards that could be strengthened through reforms to oversight of custody and the role of the Independent Review Committee (IRC)."
    },
    {
      "heading": "Systemic risk monitoring and inter-agency cooperation",
      "content": "- Cooperation on systemic risk continues within the Canadian Securities Administrators (CSA), and between the CSA and other financial sector agencies.\n- The Note highlights the need for:\n  - improved data collection; and\n  - more comprehensive regulatory mandates\n  to provide a firmer basis for systemic risk monitoring."
    },
    {
      "heading": "Custody, IRC, and supervisory recommendations",
      "content": "- Custody of IF assets is identified as a cornerstone of the International Organization of Securities Commissions standards in this area.\n- The CSA should broaden its supervisory program to cover custody activities.\n- Further enhancements to the framework could be identified by reviewing and potentially expanding the role of the IRC beyond conflicts of interest.\n\n---\n\n Content in this bundle\n\n- Executive Summary\n  - Executive Summary (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Executive Summary (PDF){rel=\"external\" type=\"application/pdf\"}"
    }
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    "[Markdown version](/en/publications/cr/issues/2025/08/08/canada-financial-sector-assessment-program-technical-note-on-regulation-and-supervision-of-569505/index.md)",
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    "Published: August 8, 2025",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9798229021333.002",
    "The Technical Note examines regulation, supervision, and systemic risk monitoring of the investment fund (IF) sector in the Canadian provinces of Ontario and Québec.",
    "Canada has implemented many of the recommendations from the 2019 Financial Sector Assessment Program, including several of those of most direct relevance to the IF sector.",
    "IFs and their managers are subject to an extensive set of regulatory obligations and safeguards that could be strengthened through reforms to oversight of custody and the role of the Independent Review Committee (IRC).",
    "Cooperation on systemic risk continues within the Canadian Securities Administrators (CSA), and between the CSA and other financial sector agencies.",
    "The Note highlights the need for:",
    "Custody of IF assets is identified as a cornerstone of the International Organization of Securities Commissions standards in this area.",
    "The CSA should broaden its supervisory program to cover custody activities.",
    "Further enhancements to the framework could be identified by reviewing and potentially expanding the role of the IRC beyond conflicts of interest.",
    "**Executive Summary**"
  ],
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