Together, the Canadian Securities Administrators (CSA) and the Canadian Council of Insurance Regulators(CCIR), with the participation of the Canadian Investment Regulatory Organization (CIRO) published a statement June 13, announcing the formation of a total cost reporting (TCR) implementation committee.
TCR rules, jointly developed by the regulators and the Canadian Insurance Services Regulatory Organizations(CISRO), require firms to deliver enhanced annual reports to clients and policyholders for the calendar year ending December 31, 2026 and thereafter.
“On April 20, 2023, the CSA and the CCIR published final changes to enhance cost reporting disclosure for investment funds and individual segregated fund contracts. The TCR enhancements will improve the transparency of total fees and costs to holders of investment funds and segregated funds. The committee will support industry stakeholders in their implementation of the TCR enhancements within the transition period, which ends December 31, 2025,” they write.
“The committee will allow industry participants to consult regulators on questions related to implementation, as well as allow regulators to be informed of industry progress toward the implementation of TCR enhancements.”
They add that the committee will establish channels for stakeholders and industry associations to submit questions. They also add that the CSA and CCIR will reach out to industry participants, including industry associations and other stakeholders, to identify potential participants with appropriate technical expertise.
“The CSA and CCIR look forward to working directly with industry participants and stakeholders to assist them in implementing this important initiative.”