The Ontario Securities Commission has granted TD Asset Management Inc. (TDAM) relief from conflict of interest provisions, allowing its mutual funds to purchase equity securities in foreign jurisdictions where a related dealer acts as underwriter. This decision was made due to the growing prominence of TDAM’s related dealers in equity underwriting activities in these jurisdictions, which was limiting the funds’ ability to acquire securities. The decision is subject to independent review committee approval and securities must be distributed pursuant to a prospectus qualified in these jurisdictions or by private placement of securities of a public issuer in these jurisdictions. The relevant laws and regulations underpinning this decision include National Policy 11-203, National Instrument 81-102 Investment Funds, and National Instrument 81-107 Independent Review Committee for Investment Funds.
