In response to the COVID-19 pandemic, securities regulatory authorities in each of Canada's provinces and territories have temporarily extended certain deadlines for specified "Regulated Entities" including exchanges, commodity future exchanges and clearing agencies to file certain types of documents or other information required to be filed by such Regulated Entities up to 45 days after the original due date (the Temporary Relief). The Temporary Relief applies in cases where the original due date falls between March 23, 2020 and June 1, 2020. No advance application is required to rely on this relief.
Entities to which the Order Applies
The Temporary Relief in Ontario, available under Ontario Instrument 25-502 Temporary exemption from certain reporting requirements for Regulated Entities carrying on business in Ontario applies to the following entities (Regulated Entities):
- a marketplace, as defined in subsection 1(1) of the Securities Act (OSA) (which includes an exchange, a quotation and trade reporting system, and certain other entities provided for in the definition of "marketplace")
- a clearing agency, as defined in subsection 1(1) of the OSA
- a designated trade repository, as defined in subsection 1(1) of the OSA
- a designated information processor, as defined in subsection 1(1) of the OSA
- a commodity futures exchange, as defined in subsection 1(1) of the Commodity Futures Act.
Documents to which the Order Applies
The Order applies to the following types of documents and information:
- Audited annual financial statements
- Unaudited non-consolidated annual financial statements with or without notes
- Unaudited consolidated and unconsolidated interim financial reports and financial viability ratios
- Risk assessments
- Independent auditor written report on cost allocation model and internal transfer pricing
- Report - Exemptions or waivers granted
- Report - Original listing applications
- Report - Issuer compliance with rules
- List of internal audit reports and risk management reports
- Form 21-101F3 Quarterly Report of Marketplace Activities
- Report - Quarterly report of users and activities (including qualitative and quantitative data)
- Report – Quarterly report containing bylaws, rules, circulars made/published during quarter
- SOC 1 Report - Annual
- Annual compliance reports
- Report - Competitors listed on Neo Exchange
- Report - Conflicts with respect to Competitors
- Self-assessment report
- Cost recovery letter
- Governance Committee's comments
- Section 3000 Report
- Independent Systems Review
- Form 13-502F7 Specified Regulated Entities – Participation Fee and any associated fees
- Report – List of participants with access to services
Requirements for Relying on the Order
A Regulated Entity required to provide the OSC with a document or information listed above between March 23, 2020 and June 1, 2020 must provide the document or information no later than 45 days after the original due date.
If providing the document or information after the original due date, the Regulated Entity must disclose to the OSC when it provides the document or information that it is relying on this order and state the reasons why it could not submit the document or other information by the original due date.
The Order came into effect on March 23, 2020 and remains in effect for 120 days.
Equivalent relief has also been granted by other securities regulatory authorities in Canada under the following local blanket orders. Market participants should review the terms of the local blanket orders in the relevant Canadian jurisdictions with respect to their specific filing, delivery or other obligations in these jurisdictions.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.