Finance and CRA consulted with the OSC on the character conversion rules

The latest OSC Bulletin indicates that OSC "Investment Funds staff took part in several discussions with senior staff from the Ministry of Finance (Canada) and Canada Revenue Agency concerning the [derivative forward agreement] Budget Amendments ... [in which they] provided background information on the use of character conversion transactions by investment funds and the impact of the Budget Amendments."

Neal Armstrong.  Summary of Sec. Bull. Issue 37/07 13 February 2014 OSC Staff Notice 81-723 -- 2013 Summary Report for Investment Fund Issuers under s. 248(1) – derivative forward agreement.