The Portfolio Management Association of Canada (PMAC) represents over 300 investment management firms from across Canada registered with the various members of the Canadian Securities Administrators (CSA) as Portfolio Managers (PMs). PMAC’s membership is comprised of firms of varying sizes and models, ranging from one-person firms to international and bankowned firms, including more traditional models and online advisers, and manage total assets in excess of $2.9 trillion, with a mix of both institutional and private client assets.
PMAC appreciates the opportunity to have participated in various consultations and in-person discussions regarding the OBSI’s mandate and operations, as well as to provide our feedback on this independent evaluation of OBSI’s investment-related mandate (Consultation) through our meeting on January 12, 2022 and this written response.
Registered PMs have discretionary authority over investments they manage for their clients and have a duty to act in the best interests of their clients, also referred to as the fiduciary duty. PMAC strongly believes that this fiduciary duty is of utmost importance to investors, that its existence increases confidence in the capital markets and that it informs the way that PM firms operate their business and service their clients.
PMAC is supportive of securities regulation that promotes safeguarding the rights of Canadian investors and that avoids or minimizes retail investor dissatisfaction. We believe that OBSI plays a valuable role in Canada’s capital markets and we support this important function.
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