CAASA WEBINAR – LIQUID ALTS UPDATE: EXEMPTIVE RELIEF
Overview
The long awaited modernization of National Instrument 81-102 (which affects the structure and characteristics of mutual funds in Canada and began in March 2013) came to fruition on January 3, 2019 the mutual fund and alternative strategies industries in Canada had their watershed moment. Indeed, many funds were issued under so-called exemptive relief (as if the rules had been promulgated) as early as April 2018 and to date more than 90 funds from in excess of 35 issuers have been brought to market, with an aggregate AUM of greater than $9 billion. This is even more significant given the Canadian hedge fund industry was just $30 billion previously and the total mutual fund AUM is $1.4+ trillion.
With this new fund regime has come the desire by some managers to use more extensive use of leverage and shorting than envisioned or allowed in the rules – and the regulators have been open to this exemptive relief. This panel will speak to what has been granted in the last 2 years and where the industry is headed.
Where
Dial-in details will be sent once registration is complete
CAASA’S Virtual PlatformSPEAKERS
Jason Chertin
Partner
McMillan LLP
James Burron
President
Canadian Association of Alternative Strategies and Assets (CAASA)
Rhonda Goldberg
Executive Vice-President
General Counsel, IGM Financial Inc
Christopher Bent
Senior Legal Counsel
Ontario Securities Commission
Jason Chertin
Partner
McMillan LLP
Jason Chertin is the Co-Chair, Investment Funds and Asset Management at McMillan LLP. A significant part of Jason’s practice encompasses working with investment fund managers, portfolio advisors and dealers in establishing, marketing and maintaining investment products, including privately offered domestic and offshore funds, publicly offered mutual funds and other exchange-traded funds. Jason also provides ongoing advice to Canadian and non-resident managers with respect to registration and compliance obligations, and assists clients with regulatory reviews and audits.
James Burron
President
Canadian Association of Alternative Strategies and Assets (CAASA)
James co-founded CAASA in response to industry support for a Canadian alternatives association to serve all aspects including: hedge / alternative strategies; private lending; private real estate; private equity; plus emerging areas where Canada is a leader such as digital assets / blockchain and robo-advisors.
Prior to CAASA, James was the Chief Operating Officer of AIMA Canada where his team of three worked with 12 committees to produce 50-60 events per annum across Canada, organize 100+ committee meetings, and increase member numbers over his 7-year tenure from 66 to 164 corporate entities.
James also has experience in research and writing for the CAIA Association as well as serving on CAIA’s Exam Council and as a grader for the Level II portion of the exam. He also had roles in institutional sales and FoHF structuring in Seoul, South Korea, as a Product Manager at ICICI Wealth Management, and an Investment Advisor at RBC Dominion Securities. He graduated from Simon Fraser University with a BBA (Finance).
Rhonda Goldberg
Executive Vice-President
General Counsel, IGM Financial Inc
Ms. Goldberg is the Executive Vice-President, General Counsel for IGM Financial Inc., responsible for overseeing the legal, compliance, corporate secretary and regulatory affairs functions of Mackenzie Investments, IG Wealth Management and Investment Planning Counsel.
Ms. Goldberg has an in-depth knowledge of the legal and regulatory environment and financial services industry with over 20 years of legal experience. Prior to joining IGM Financial, she held progressively senior positions at the Ontario Securities Commission (OSC) and was a member of the OSC’s executive management team and Director, Investment Funds and Structured Products, from 2010 to 2015.
She is a current member of the board of Wealthsimple and the Ombudsman for Banking Services and Investments (OBSI) and previously served as a member of the OSC’s Securities Advisory Committee.
Ms. Goldberg was called to the Bar in Ontario. She has a law degree from Osgoode Hall Law School. She resides in Toronto, Ontario.