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The OSC says that companies ought to have monitoring and coaching in place to make sure compliance by staff.
“IFMs ought to evaluation using private social media with their staff who use their accounts to market funding funds to make sure that all info offered complies with Half 15 of NI 81-102, together with the required warning language, acceptable efficiency information measurement intervals and isn’t deceptive,” the report states.
Cybersecurity danger
The report additionally calls on IFMs to make sure that traders are made conscious of the potential cybersecurity danger related to the expertise used of their fund operations.
This ought to be included within the “What are the dangers of investing within the fund” part of the prospectus and acceptable monitoring and danger assessments ought to be carried out periodically to make sure sturdy defences are in place to mitigate the specter of cyberattacks.
The report urges IFMs “to take all affordable steps to answer a cybersecurity breach in a well timed and diligent method, together with notifying impacted purchasers and relevant regulators such because the OSC, significantly the place purchasers’ info and property are in danger, or the place the breach may affect a number of funds or IFMs resulting from shared software program or a typical service supplier.”
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