Canadian Securities Administrators (CSA), which represents securities regulators throughout Canada, will publish a concept proposal for comment on Friday that would alter some basic mutual fund compliance operations.

One of the main proposals is for a new requirement to be implemented forcing mutual funds to create their own independent government agency, which would be responsible for making sure that the fund manager acts in the best interests of investors. The agencies would be comprised of three or more individuals, a majority of whom are independent parties, according to the proposal.

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