Securities Law & Instruments

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Notice of General Order

Ontario Instrument 31-510

Temporary Exemption from Certain Financial Statement and Information Delivery Requirements for Registrants and Unregistered Capital Markets Participants

 

As a result of the Coronavirus pandemic ("COVID-19"), the Ontario Securities Commission (the "Commission") is providing temporary relief from certain financial statement and information delivery requirements under Ontario securities law and Ontario commodity futures law that apply to registrants and unregistered capital markets participants.

Description of Order

The order provides that the due dates for registered dealers, registered advisers and registered investment fund managers to deliver certain financial statements and other information required under sections 12.12 to 12.14 of National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations and section 15 of R.R.O. 1990, Regulation 90 made under the Commodity Futures Act are extended by up to 45 days where the delivery deadlines fall during the period from March 23, 2020 to June 1, 2020. The order further provides that the due dates for registered firms and unregistered capital markets participants to satisfy certain fee-related requirements under section 3.2 of OSC Rule 13-502 Fees and for registered firms to satisfy certain fee-related requirements under section 2.3 of OSC Rule 13-503 (Commodity Futures Act) Fees are extended by up to 45 days where the delivery deadlines fall during the period from March 23, 2020 to June 1, 2020.

Reasons for the Order

As a result of the outbreak of COVID-19 and the resulting disruptions to travel, access to office facilities and availability of personnel and resources, registrants and unregistered capital markets participants may face challenges in providing the Commission with documents and other information under various reporting requirements of Ontario securities law and Ontario commodity futures law. Under the circumstances, the Commission has determined that it would not be prejudicial to the public interest to grant this temporary relief to assist affected registrants and unregistered capital markets participants in meeting their obligations under Ontario securities law and Ontario commodity futures law.

Day on which the Order Ceases to Have Effect

The order comes into effect on March 23, 2020, and remains in effect for a period of 120 days.