Securities and Investment Management Association (SIMA)
The Securities and Investment Management Association (SIMA) is the voice of Canada's investment funds industry, including fund managers, distributors and industry service organizations. SIMA proactively influences and advances industry issues within the
regulatory framework, members' efficiencies, knowledge and proficiency. SIMA provides a consistently high level of service to enable dealer and manager members to work together in a cooperative forum to enhance the integrity and growth
of the industry and strengthen investor confidence.
VISION STATEMENT
Our vision is to provide the most innovative and effective trade association services that will support and enhance the investment funds industry in its drive to provide the leading investment vehicle
for Canadians.
MISSION STATEMENT
IFIC is dedicated to enhancing the integrity and growth of the industry. We do this by being the voice of the industry and providing services that improve the regulatory framework, improve Members'
knowledge and proficiency, improve efficiencies, enhance investor confidence and facilitate communications among Members. We believe in providing Members with a consistently high level of service in a cooperative forum to allow Members
to work together to enhance their industry.
HOW WE WORK
SIMA uniquely provides a forum where all industry participants (dealers and advisors, fund managers, supporting services, regulators and other interested parties) meet together to discuss issues of common
interest and concern with the shared objective of creating a competitive industry and promoting investor confidence in the mutual fund product.
MEMBERS
SIMA's Members comprise investment managers, distribution entities (both of which are full Members) and advisory and professional firms that provide service to the industry (which are Affiliates). SIMA currently
has about 50 manager firms, 50 distributor firms and about 50 affiliate members.
SIMA also hosts the IIFA's business office; those IFIC employees noted below currently perform IIFA's Secretariat and accounting functions.
Regulatory Info
In Canada securities including investment funds are regulated provincially. Each province and territory has its own securities regulator which enforces its own securities laws and regulations, although there is much similarity, and a
significant degree of cooperation and collaboration between the jurisdictions. The provinces and territories have together adopted rules (National Instruments) for investment funds that are intended to apply uniformly across the country.
The largest concentration of mutual fund companies is based in Ontario, and this has resulted in the Ontario Securities Commission being, in practice, the primary Canadian regulator for investment funds.
The fundamental general law that governs all securities in Ontario is the Securities Act (Ontario).
The following group of National Instruments apply across Canada, and govern various aspects of the traditional mutual fund and ETF products, and how they are managed:
In addition to the general principles governing distribution of securities contained in the Securities Act of the various provinces, there are two SROs that regulate the distribution of investment funds: the Investment Industry Regulatory
Organization of Canada (IIROC) and the Mutual Fund Dealers Association of Canada (MFDA). Each of IIROC and MFDA have published a Rulebook and they issue Notices and Guidelines to guide the behaviour of distribution firms and their advisers.
These materials are available on the SRO websites (http://www.iiroc.ca/ and http://www.mfda.ca/).
