Securities Law & Instruments

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Ontario Securities Commission

Ontario Instrument 13-506

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

The Ontario Securities Commission, considering that to do so would not be prejudicial to the public interest, orders that effective on June 2, 2020, Ontario Instrument 13-506 entitled "Temporary Relief from Accrual of Late Fees Charged under Ontario Securities Commission Rule 13-502 Fees, No. 2" is made.

May 29, 2020

"Gant Vingoe"
Acting Chair
"Tim Mosely"
Vice-Chair

Authority under which the order is made:

Act and section: Securities Act, subsection 143.11(2)

Ontario Securities Commission

Ontario Instrument 13-506

Definitions

1. Terms defined in the Securities Act (Ontario) ("OSA"), Ontario Securities Commission Rule 14-501 Definitions, or Ontario Securities Commission Rule 13-502 Fees ("OSC Rule 13-502") have the same meaning in this order.

Exemptive relief

2. The coronavirus disease 2019 ("COVID-19") outbreak was declared a pandemic by the World Health Organization on March 11, 2020, and has led to a "Declaration of Emergency" under the Emergency Management and Civil Protection Act by the Lieutenant Governor of Ontario on March 17, 2020. The Ontario Securities Commission (the "Commission" or "OSC") acknowledges that this pandemic may present challenges for market participants in the meeting of certain obligations under Ontario securities law.

3. Under subsection 143.11(2) of the Securities Act (Ontario) ("OSA"), if the Commission considers that it would not be prejudicial to the public interest to do so, the Commission may, on application by an interested person or company or on its own initiative, make an order exempting a class of persons or companies, trades, intended trades, securities or derivatives from any requirement of Ontario securities law on such terms or conditions as may be set out in the order, effective for a period of no longer than 18 months after the day on which it comes into force unless extended pursuant to clause (b) of subsection 143.11(3) of the OSA.

Order

4.

(1) For the purposes of computing an amount determined under section 2.7 and 4.8 of OSC Rule 13-502, business days in the period beginning June 2, 2020, and ending August 31, 2020, shall be ignored.

(2) For the purposes of computing an amount determined under section 3.4 of OSC Rule 13-502, business days in the period beginning June 2, 2020, and ending September 30, 2020, shall be ignored.

5.

(1) Subject to subsection (2), the daily late fees accruing under Appendix D of OSC Rule 13-502 shall be deemed to be nil in the period beginning June 2, 2020, and ending August 31, 2020.

(2) The daily late fees accruing under Appendix D of OSC Rule 13-502 in respect of the filing or delivery of documents or forms that are required to be filed by an investment fund, a registrant or an unregistered capital market participant shall be deemed to be nil in the period beginning June 2, 2020, and ending September 30, 2020.

6. The $100 fee in Row B of Appendix D of OSC Rule 13-502 for the late filing or delivery of Form 33-109F5 shall be deemed to be nil if the Form was required to be filed in the period beginning June 2, 2020, and ending September 30, 2020.

Effective date and term

7. This order comes into effect on June 2, 2020, and expires on September 30, 2020.