CSA Staff Notice: 12-303 - Exemptive Relief Applications and Year End

CANADIAN SECURITIES ADMINISTRATORS' STAFF NOTICE 12-303

Exemptive Relief Applications and Year End

This notice advises potential applicants of modified timing for filing and review of multi-jurisdiction applications for exemptive relief, including applications relating to mutual fundsfiled under National Policy No. 39, for the period preceding and immediately following theyear-end.

In November 1998 members of the Canadian Securities Administrators (the "CSA") publishedproposed National Policy 12-201 "Mutual Reliance Review System for Exemptive ReliefApplications" (the "Policy"), which establishes a mutual reliance review system (the "MRRSSystem") for exemptive relief applications made in more than one jurisdiction. The proposedPolicy is intended to be adopted in all jurisdictions represented by the CSA.

Under the MRRS System, the filer selects a principal regulator for the review of theapplication and files the application with the principal regulator and all other jurisdictions inwhich relief is required (the "Non-Principal Regulators").

Non-Principal Regulators have seven business days to review the application and providecomment to staff of the principal regulator (the "Non-Principal Regulators' Staff ReviewPeriod") who will take into account substantive comments when conducting their review.

Upon completion of the review process, the principal regulator will, after considering therecommendation of its staff, determine whether to grant or deny the relief sought in theapplication.

Non-Principal Regulators have seven business days to decide whether to make the samedecision as the principal regulator or to opt out of the System for that application (the "OptOut Period").

As part of its efforts toward ensuring a smooth transition to the Year 2000, staff wish toannounce the following filing dates and review periods for applications in the periodpreceding and immediately following the Year 2000 date change:

(a) all multi-jurisdiction applications, whether or not filed under the MRRS System,should be filed before November 5, 1999, or November 30, 1999, in the case of applicationsrelating to takeover bids, if exemptive relief is required before December 31, 1999. If theapplication is filed after this date, there are no assurances that the application will be reviewedor the necessary relief provided before year-end;

(b) for applications filed under the MRRS System after November 5, 1999 or November30, 1999, as the case may be:

(i) if the Non-Principal Regulators' Staff Review Period has not commenced beforeDecember 20, 1999, or would otherwise expire between December 20, 1999 and December31, 1999, this period will not expire prior to January 7, 2000; and

(ii) if the Opt Out Period would otherwise expire between December 20, 1999 andDecember 31, 1999, this period will be extended to January 7, 2000.

Questions or concerns regarding the foregoing or the timing of particular applications shouldbe brought to the attention of staff as soon as possible. For further information contact:

Brenda Leong
British Columbia Securities Commission
Telephone: (604) 899-6500
Fax: (604) 899-6700

Casey French
Alberta Securities Commission
Telephone: (780) 422-1914
Fax: (780) 422-0777

Chris Besko
Manitoba Securities Commission
Telephone: (204) 945-2561
Fax: (204) 945-0330

Dean Murrison
Saskatchewan Securities Commission
Telephone: (306) 787-5879
Fax: (306) 787-5899

Margo Paul
Ontario Securities Commission
Telephone: (416) 593-8136
Fax: (416) 593-8244

Sylvie Lalonde
Commission des valeurs mobilières du Québec
Telephone: (514) 940-2199 ext. 4555
Fax: (514) 864-6381

Shirley Lee
Nova Scotia Securities Commission
Telephone: (902) 424-5441
Fax: (902) 424-4625

 

September 17, 1999