Canadian Securities Administrators has ruled that Morningstar Canada’s ratings system is “reasonable and appropriate” and is a viable alternative to the ratings system of the Canadian Investment Funds Standards Committee, The Globe and Mail reports.

In April of last year, Morningstar withdrew from the CIFSC, an organization of mutual fund data and research companies, when it decided the group wasn’t adapting to changes in the marketplace. In October, when Morningstar launched its own classification system, the CIFC warned members not to use those ratings, telling them doing so could be in breach of securities regulations.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.