This Technical Note considers the regulation, supervision and systemic risk monitoring of the investment fund (IF) sector in the Canadian provinces of Ontario and Québec. Canada has implemented many of the recommendations from the 2019 Financial Sector Assessment Program, including several of those of most direct relevance to the IF sector. Cooperation on systemic risk continues within the Canadian Securities Administrators (CSA), and between the CSA and other financial sector agencies, but improved data collection and more comprehensive regulatory mandates would provide a firmer basis for this work. IFs and their managers are subject to an extensive set of regulatory obligations and safeguards that could be strengthened through reforms to oversight of custody and the role of the Independent Review Committee (IRC). Custody of IF assets is a cornerstone of the International Organization of Securities Commissions standards in this area, and the CSA should broaden its supervisory program to cover this important activity. Further enhancements to the framework could be identified by reviewing and potentially expanding the role of the IRC beyond conflicts of interest.