OSC’s case against Emerge Canada will test responsibilities of investment funds’ independent review committees

An enforcement hearing next week against defunct fund manager Emerge Canada Inc. will test the responsibilities of independent review committees (IRCs) for overseeing conflicts of interest at fund companies. The outcome could set a precedent for IRC duties and prompt heightened regulatory scrutiny and governance changes across the asset management sector.

Analysis

An enforcement hearing next week against defunct fund manager Emerge Canada Inc. will test the responsibilities of independent review committees (IRCs) for overseeing conflicts of interest at fund companies. The outcome could set a precedent for IRC duties and prompt heightened regulatory scrutiny and governance changes across the asset management sector.