News Release

IFIC makes submission to Competition Bureau on greenwashing provisions

Association makes recommendations to avoid duplication

March 7, 2025 (Toronto) – The Investment Funds Institute of Canada (IFIC) has provided a submission to the Competition Bureau in response to its recent guidance on environmental claims and greenwashing provisions in the Competition Act.

“We support the Bureau’s objective to ensure that environmental claims are accurate, substantiated, and not misleading,” said Andy Mitchell, President and CEO, IFIC. “However, we underscore that Canadian securities regulators already have a complete legal, regulatory, oversight, and enforcement framework in place to address misleading claims by securities registrants.”

IFIC’s recent submission is consistent with our letter to the Bureau, dated September 27, 2024, in which we recommended that they defer enforcement of greenwashing issues to Canadian securities regulators. We specifically recommended a carve-out of all documents and communications required by Canadian securities laws and any other disclosures made by securities registrants, including any sales communications.

The submission warns that a duplicative regulatory environment could discourage environmental disclosures and innovation in sustainability-focused investment products.

About IFIC

The Investment Funds Institute of Canada is the voice of Canada’s investment funds industry. IFIC brings together approximately 150 organizations, including fund managers, dealers, professional and back-office service providers, to strengthen the integrity of the investment funds industry, foster public confidence in investment funds, and enable investors to achieve good outcomes. By connecting savers to Canada’s economy, our industry contributes significantly to Canadian economic growth and job creation.

For more information

Christine Harminc
Senior Manager, Communications and Public Affairs
charminc@sima-amvi.ca
416-309-2313