Securities Law & Instruments

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Notice of General Order

Ontario Instrument 13-506

Temporary Relief from Accrual of Late Fees Charged under Ontario Securities Commission Rule 13-502 Fees, No. 2

 

As a result of the Coronavirus pandemic ("COVID-19"), the Ontario Securities Commission (the "Commission") is providing market participants with temporary relief from the accrual of late fees charged under Ontario Securities Commission Rule 13-502 Fees ("OSC Rule 13-502").

Description of Order

The order provides that late fees under OSC Rule 13-502, where applicable in respect of fees payable by, or the filing or delivery of documents or forms that are required to be filed by, an investment fund, a registrant or an unregistered capital markets participant cease to accrue in the period beginning June 2, 2020 and ending September 30, 2020. Late fees otherwise applicable under OSC Rule 13-502 cease to accrue in the period beginning June 2, 2020, and ending August 31, 2020.

Reasons for the Order

As a result of the outbreak of COVID-19, certain market participants may experience difficulty in making filings and payments required by OSC Rule 13-502. The Commission previously provided relief from the accrual of late fees charged under OSC Rule 13-502 between the period of April 17, 2020 to June 1, 2020, in the form of Ontario Instrument 13-504 Temporary Relief from Accrual of Late Fees Charged under Ontario Securities Commission Rule 13-502 Fees. Under the circumstances, the Commission has determined that it would not be prejudicial to the public interest to make this order, which grants continued temporary relief from the accrual of late fees for the periods specified above.

Day on which the Order Ceases to Have Effect

The order comes into effect on April 17, 2020, and expires on September 30, 2020.