The Globe and Mail reports in its Friday edition that an enforcement hearing launching next week against defunct fund manager Emerge Canada Inc. will test the responsibilities of independent review committees tasked with overseeing conflicts of interest at fund companies. The Globe's Clare O'Hara writes that on Monday, the Ontario Securities Commission will begin its enforcement case against Emerge Canada, its founder Lisa Langley and chief financial officer Desmond Alvares over allegations they improperly borrowed almost $6-million of investor money from funds they managed to cover the company's operating expenses. For the first time, the OSC has also levelled allegations against three members of the independent review committee overseeing the Emerge funds: Marie Rounding, Monique Hutchins and Bruce Friesen. Every investment fund in Canada is required to have an IRC, which is responsible for spotting potential conflicts of interest on behalf of unitholders. The OSC alleges the Emerge IRC members' response to the $6-million loan breached their duties to investors and other obligations under securities law. The proceeding, which is scheduled to last several weeks, will be heard by the OSC's Capital Markets Tribunal.