Morningstar Canada of Toronto will begin charging Canadian funds a licensing fee April 30 for the use of its name in fund advertisements, a departure from its policy for U.S. firms, according to Scott Mackenzie, vice president of Morningstar's Canadian operations.

The move could force Canadian funds to reconsider using the firm's rating system in its advertising, according to Stephen Kangas, vice president and managing director of TD Asset Management of Toronto.

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