Securities Law & Instruments

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Notice of General Order
Ontario Instrument 51-505
Temporary Exemption from Certain Corporate Finance Requirements with Deadlines during the Period from June 2 to August 31, 2020

 

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

Description of Order

The order provides that:

  1. 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 June 2, 2020 to August 31, 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;
  2. 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 June 2, 2020 to August 31, 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;
  3. A person or company required to make a filing listed in Exhibit C of the order relating to an exempt distribution, or to send or deliver a document listed in Exhibit C, during the period from June 2, 2020 to August 31, 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; and
  4. 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 June 2, 2020 to August 31, 2020, may add an additional 45 days to that lapse date, provided that certain conditions set out in the order are satisfied.

The order does not provide a further extension of any deadline previously extended under Ontario Instrument 51-502 entitled “Temporary Exemption from Certain Corporate Finance Requirements” dated March 23, 2020.

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, and certain issuers may 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. 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 May 20, 2020 and expires on October 15, 2020.