Industry


Exemptive Relief Applications


If a company requires relief from a requirement in securities legislation, it may file an application for discretionary relief. The following provides more information on the different types of applications and how they should be filed.

For relief in multiple jurisdictions, a company should file an application under National Policy 11-203 Process for Exemptive Relief Applications in Multiple Jurisdictions (NP 11-203). NP 11-203 describes the process for filing applications, the types of applications that can be made and how a company determines its principal regulator.

Where relief is required in Ontario only, a company should file an application under OSC Policy 2.1 Applications to the Ontario Securities Commission.

Types of Applications

The five different types of applications for relief a company can file are:
  • Passport application
  • Dual application
  • Coordinated review application
  • Hybrid application
  • Local application
Each type of application identified, other than a local application, usually involves a company seeking the identical relief in multiple jurisdictions.

For more information:

Passport application

A passport application is one in which a company is seeking relief from a securities law requirement that is covered by Appendix D to Multilateral Instrument 11-102 Passport System (MI 11-102) where either:
  • the relief is being sought in Ontario and at least one other jurisdiction, and the company’s principal regulator is Ontario, or
  • the relief is being sought in at least two jurisdictions other than Ontario, and the company’s principal regulator is a jurisdiction other than Ontario.
For a passport application, the company files the application with, and pays fees only to, the principal regulator.

For further guidance on filing passport applications, see sections 3.2 and 5.2(1) and Annex A of NP 11-203.

Dual application

A dual application is one in which:
  • a company is seeking relief from a securities law requirement that is covered by Appendix D to MI 11-102;
  • the company’s principal regulator is a jurisdiction other than Ontario; and
  • relief is required in Ontario and at least one other jurisdiction.
For a dual application, a company must file the application with, and pay fees to, its principal regulator and the OSC. For further information, see sections 3.3 and 5.2(2), and Annex B of NP 11-203.

Coordinated review application

A coordinated review application is one in which:
  • a company is seeking relief from a securities law requirement that falls outside the scope of MI 11-102, and
  • relief is required in at least two jurisdictions.
For a coordinated review application, a company must file the application and pay fees to its principal regulator and to each regulator in any other jurisdiction where relief is required. For further information, see sections 3.4 and 5.2(3), and Annex C of NP 11-203.

Hybrid application

A hybrid application is one in which:
  • a company is seeking relief from a requirement that falls within the scope of Appendix D to MI 11-102,
  • the company is also seeking relief from a requirement that is outside the scope of Appendix D, and
  • relief is required in at least two jurisdictions.
For a hybrid application, a company must follow the process for both a coordinated review application and either a passport application or dual application. For further information, see section 3.5 and Annex D of NP 11-203.

Local application

A company that requires relief only in Ontario should file a local application. Refer to OSC Policy 2.1 Applications to the Ontario Securities Commission for guidance on how to file a local application.

Applications regarding reporting issuer status

Two common types of applications we receive are for a decision that:
  • A company is no longer a reporting issuer in Ontario
  • A company is a reporting issuer in Ontario

Applying for a decision that a company is not a reporting issuer

Applications may be made for a decision that an issuer is not a reporting issuer.
  • For a decision in multiple jurisdictions, refer to CSA Staff Notice 12-307 Applications for a Decision that an Issuer is not a Reporting Issuer;
  • For a decision only in Ontario, refer to OSC Staff Notice 12-703 Preferred Format of Applications to the Director under Clause 1(10)(b) of the Securities Act (Ontario).

Applying for a decision that a company is a reporting issuer in Ontario

A company may ask that it be declared a reporting issuer in Ontario. Refer to OSC Policy 12-602 Designating an Issuer in Certain Other Canadian Jurisdictions as a Reporting Issuer in Ontario for more information.

How to file an application

Effective February 19, 2014 applications for exemptive relief must be transmitted to the Ontario Securities Commission electronically. Refer to the OSC's electronic filing portal for more instructions.

For more information: