The Portfolio Management Association of Canada (“PMAC“), through its Industry, Regulation & Tax Committee, is pleased to have the opportunity to participate in the Department of Finance (Canada) consultation on legislative proposals relating to the implementation of the OECD CRS (the “Proposed Legislation”).
As background, PMAC represents investment management firms registered to do business in Canada as portfolio managers. PMAC members manage investment portfolios for private individuals, foundations, universities and pension plans and the association has grown steadily to comprise over 200 members from across Canada.
PMAC is generally in favour of requirements that improve or align Canada’s capital markets practices with appropriate international standards. Overall, PMAC is supportive of the Proposed Legislation subject to the specific comments and concerns set out in further detail below.