Which regulatory body is primarily responsible for overseeing mutual funds in Canada?

The Canadian Securities Administrators (CSA) is the primary regulatory body overseeing mutual funds in Canada. The CSA is an umbrella organization composed of Canada’s provincial and territorial securities regulators. Its main role is to coordinate and harmonize the regulation of securities markets across the country, including the regulation of investment funds such as mutual funds.

The CSA's responsibilities include establishing rules and regulations that mutual funds must follow, ensuring that they are managed in a manner that is fair and transparent to investors. This includes registration of mutual fund dealers, approval of prospectuses, and ongoing compliance monitoring to protect investors' interests.

Other regulatory bodies mentioned do have specific roles; for instance, IIROC oversees brokers and investment dealers, while the CDIC provides deposit insurance for bank products. The FCAC is involved with consumer protection in financial products and services but does not have a direct regulatory mandate over mutual funds. This makes the CSA the most relevant authority in the context of mutual fund regulation in Canada.