Changes in the management of USC Education Savings Plans Inc.
MISSISSAUGA, ON, Oct. 1 /CNW/ - The International Scholarship Foundation (The ISF) and USC Education Savings Plans Inc. (USCI) are pleased to announce changes in the management of the USC Education Savings Plans (USC Plans). Effective September 27, 2010, The ISF retained USCI to direct the business, operations and affairs of the USC Plans, which represents an expansion of USCI's previous role as administrator and distributor of USC Plans. Due to these changes, as of September 27, 2010, the manager of USC Plans is USCI and not The ISF. The ISF retains its role as the sponsor of USC Plans and will continue to provide governance and oversight services to the USC Plans.
USCI remains the administrator and distributor of USC Plans
These management changes result from new securities regulatory requirements affecting managers of investment funds, which became effective on September 28, 2010. As of this date, managers of investment funds were required to apply to the applicable securities regulatory authority for registration as an "investment fund manager" and once registered, these firms must comply with all applicable registration requirements, including working capital, insurance, compliance systems and financial reporting. With its enhanced duties and responsibilities, USCI applied to become registered with the Ontario Securities Commission in that capacity within the applicable deadline. USCI will continue to be registered as a scholarship plan dealer with the securities regulatory authorities in all provinces and territories of Canada.For further information: Media inquiries please contact: Paul Renaud, Corporate Secretary and General Counsel, Tel: (905) 281-4973, firstname.lastname@example.org