TORONTO - Currently, there is no standardized fund regulation in Canada and many fund complexes are structured as trusts, overseen by trustees, who use an advisory regulatory model. The advisory board offers guidance but has no decision-making authority over the fund complex. Altamira and Royal Mutual Funds currently use this model.

A panel of regulators and industry representatives discussed the issue of fund governance at the annual conference of the Investment Funds Institute of Canada in Toronto last month.

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