Securities Law & Instruments

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PDF Version

 

Notice of General Order

Ontario Instrument 51-502

Temporary Exemption from Certain Corporate Finance Requirements

 

As a result of the Coronavirus pandemic ("COVID-19"), the Ontario Securities Commission (the "Commission") is providing issuers and designated rating organizations with temporary relief from certain requirements of Ontario securities law.

Description of Order

The order provides that:

(i) A person or company required to make an annual or interim filing listed in Exhibit A of the order, or to send or deliver a document listed in Exhibit A, during the period from March 23, 2020 to June 1, 2020, has an additional 45 days from the deadline otherwise applicable under Ontario securities law to make the filing or to send or deliver the document, provided that certain conditions set out in the order are satisfied;

(ii) A person or company required to make a continuous disclosure filing listed in Exhibit B of the order, or to send or deliver a document listed in Exhibit B, during the period from March 23, 2020 to June 1, 2020, has an additional 45 days from the deadline otherwise applicable under Ontario securities law to make the filing or to send or deliver the document, subject to a condition set out in the order;

(iii) A person or company required to make a filing listed in Exhibit C of the order relating to an exempt distribution or to a designated rating organization, or to send or deliver a document listed in Exhibit C, during the period from March 23, 2020 to June 1, 2020, has an additional 45 days from the deadline otherwise applicable under Ontario securities law to make the filing or to send or deliver the document, provided that certain conditions set out in the order are satisfied; and

(iv) A person or company subject to a lapse date for a final base shelf prospectus referred to in Exhibit D of the order, that occurs during the period from March 23, 2020 to June 1, 2020, may add an additional 45 days to that lapse date, provided that certain conditions set out in the order are satisfied.

Reasons for the Order

As a result of the outbreak of COVID-19 certain reporting issuers may be unable to make certain filings, or to send or deliver certain documents, as and when required under continuous disclosure and prospectus requirements, certain issuers make be unable to make certain filings, or to send or deliver certain documents, as and when required under provisions relating to the use of exemptions from the prospectus requirements, and certain designated rating organizations may be unable to make certain filings as and when required under National Instrument 25-101 Designated Rating Organizations. 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 persons or companies 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.