In recognition of challenges faced by market participants during the COVID-19 pandemic, the Ontario Securities Commission (OSC) has temporarily waived late fees that accumulate between April 17, 2020 and June 1, 2020 for market participants.
Pursuant to OSC Instrument 13-504 Temporary Relief from Accrual of Late Fees Charged under Ontario Securities Commission Rule 13-502 Fees (Instrument 13-504), the OSC has temporarily suspended the accrual of late fees under OSC Rule 13-502 Fees (Rule 13-502) for the period beginning on April 17, 2020 and ending on June 1, 2020. Market participants must continue to pay fees in accordance with Rule 13-502 and OSC Rule 13-503 (Commodity Futures Act) Fees. However, Instrument 13-504 will prevent the accumulation of late fees charged under these OSC rules.
Issuers and other market participants who are relying on, or intend to rely on, the 45-day filing extension recently published by the Canadian Securities Administrators (and previously discussed here) will not need to rely on Instrument 13-504 as no late fee will become due if filings are made by their new extended deadline(s).
The OSC will also consider any additional late fee relief needed for the pandemic period before April 17, 2020 on a case-by-case basis. Issuers, insiders and other market participants should contact the OSC should they want to be considered for additional relief.
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