Notice of General Order
Ontario Instrument 81-503
Extension of Certain Filing, Delivery and Prospectus Renewal Requirements of Investment Funds
As a result of the Coronavirus pandemic (“COVID-19”), the Ontario Securities Commission (the “Commission”) is providing temporary relief from certain requirements under Ontario securities law that apply to investment funds, as defined in subsection 1(1) of the Securities Act (Ontario).
Description of Order
The order provides that:
- certain filing and delivery obligations of investment funds under securities legislation, where the obligations are required to be met during the period from March 23, 2020 to June 1, 2020, are extended for a period of 45 days; and
- certain investment funds distributing securities under a prospectus with a lapse date during the period from March 23, 2020 to June 1, 2020 will have the lapse date extended for a period of 45 days.
The relief provided above is subject to the following terms and conditions:
- any investment fund relying on the order must, as soon as reasonably practicable, notify the Director of the Investment Funds and Structured Products Branch by email at IFSPDirector@osc.gov.on.ca stating that the investment fund is relying on the order and each applicable requirement for which it is relying on the order;
- an investment fund relying on the order must, as soon as reasonably practicable, post a statement on its public website, or the public website of its investment fund manager, stating that the investment fund is relying on the order and each applicable requirement for which it is relying on the order; and
- reference made in a notice pursuant to section 8 of the order, or a public website statement pursuant to section 9 of the order, to an equivalent exemption granted by a securities regulatory authority or regulator in another jurisdiction of Canada that is the investment fund’s principal regulator, will be deemed to constitute a reference to the relevant exemption in this order.
Reasons for the Order
The outbreak of COVID-19 and the resulting disruptions to travel, access to office facilities and availability of personnel and resources may present challenges to an investment fund’s ability to meet certain filing and delivery requirements under Ontario securities 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 investment funds in meeting their obligations under Ontario securities 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.