On May 20, 2020, the CSA published a press release announcing the issuance of an additional local harmonized blanket relief order intended for investment funds (the "New Investment Fund Order"). The CSA, except for the AMF and the MSC (collectively the "Participating Jurisdictions"), also published a press release on May 29 announcing the issuance of an additional local harmonized blanket relief order intended for registrants and unregistered capital markets participants (the "New Registrant Order"). Québec and Manitoba preferred to only issue temporary blanket relief from certain financial statement and information delivery requirements for registrants whose principal regulator ("PR") is one of the Participating Jurisdictions.
Both orders were issued in the context of the COVID-19 pandemic and follow the issuance of other local harmonized blanket relief orders published on March 23, 2020 (the "Initial Blanket Relief Orders"). Under no circumstances do these new orders provide a further extension of any deadline previously extended under the Initial Blanket Relief Orders and both will expire on November 30, 2020.
New Investment Fund Order
The New Investment Fund Order grants an additional 60 days from the deadline otherwise applicable under the securities legislation for the below filing and/or delivery requirements (the "Investment Fund Filing and/or Delivery Requirements") by any investment fund from June 2, 2020 to September 30, 2020 (the "Covered Period").
In order to benefit from the New Investment Fund Order, an investment fund shall as soon as reasonably practicable and in advance of its filing or delivery deadline:
- notify the appropriate securities commission stating that the investment fund is relying on the New Investment Fund Order and each applicable requirement for which it is relying on this order; and
- post a statement on its public website, or the public website of its investment fund manager, stating that the investment fund is relying on the New Investment Fund Order and each applicable requirement for which it is relying on the New Investment Fund Order.
Investment Fund Filing an/or Delivery Requirements
Québec, Ontario, British Columbia and Alberta |
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Investment Fund |
When investment fund distributes securities under a prospectus with a lapse date occurring during the Covered Period, the investment fund can postpone its prospectus lapse date 60 days later. s. 2.5 NI 81-101 & 17.2 of NI 41-101 |
When investment fund is not an ETF in continuous distribution and does not have a principal distributor
s. 12.1 NI 81-102 |
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s. 2.2 NI 81-106 & 5.1(2) NI 81-106 |
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s. 2.4 NI 81-106 & 5.1(2) NI 81-106 |
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When investment fund is not a scholarship plan
s. 4.2 NI 81-106 & 5.1(2) NI 81-106 |
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When investment fund is a scholarship plan
s. 4.3 NI 81-106 |
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s. 5.2(5) NI 81-106 &5.3(3) NI 81-106 |
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s. 5.4 NI 81-106 |
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s. 9.3 NI 81-106 |
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IRC |
s. 4.4 NI 81-107 |
Custodian |
s. 14.6(3) NI 41-101 & 6.7(3) NI 81-102 |
Labour Sponsored/ Venture Capital Fund |
s. 8.2(c) NI 81-106 |
Québec, Ontario and Alberta only |
|
Investment Fund |
When mutual fund is not a reporting issuer
s. 2.11 NI 81-106 |
Québec only |
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Development Capital Investment Fund ("DCIF") |
s. 6 Regulation DCIF |
s. 8 Regulation DCIF |
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s. 18 Regulation DCIF |
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s. 21 Regulation DCIF |
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s. 30 & 31 Regulation DCIF |
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s. 51 Regulation DCIF |
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s. 59 & 61 Regulation DCIF |
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Alberta Only |
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Investment Fund |
When investment fund is relying on the offering memorandum prospectus exemption
s. 2.9(17.4) NI 45-106 |
New Registrant Order
The New Registrant Order grants an additional 60 days for periodic filings normally required to be made during the Covered Period by registrants and, in Ontario, unregistered capital markets participants that rely upon certain registration exemptions (the "Registrant Filing and/or Delivery Requirements").
According to the AMF, the decision to refuse to grant a 60-day extension for registrants for which the AMF acts as PR will allow the AMF to analyze the impact of the COVID-19 crisis and lockdowns on the liquidity and solvency of registered firms and take measures for investor protection. The AMF remains open to grant discretionary relief orders in favour of Québec registered firms that may have specific difficulties in complying with certain filing or delivery requirements during the Covered Period.
Registrant Filing An/Or Delivery Requirements
Québec (only when PR is one of the Participating Jurisdictions),Ontario, British Columbia and Alberta |
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Dealer |
s. 12.12(1)&(2) NI 31-103 |
When investment dealer is a member of IIROC and is registered as an investment fund manager
s. 12.14(4)(b)&(c) NI 31-103 |
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Adviser |
s. 12.13(a)&(b) NI 31-103 |
IFM |
s. 12.14(1)&(2) NI 31-103 |
MFD |
When MFD is a member of MFDA and is registered as an exempt market dealer or scholarship plan dealer
s. 12.12(2.1)(b)&(c) NI 31-103 |
When MFD is a member of MFDA and is registered as an investment fund manager
s. 12.14(5)(b)&(c) |
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Québec only (only when PR is one of the Participating Jurisdictions) |
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Dealer, Adviser and IFM |
When registered under the Securities Act (QC)
s. 271.5(3.1) of Securities Regulation (QC) |
Dealer or Adviser (Derivatives) |
When registered under the Derivatives Act (QC)
s. 12.12(1)&(2) &12.13 31-1103 |
When registered under the Derivatives Act (QC)
s. 5(4) of the Tariffs for costs and fees payable in respect of derivatives. |
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Ontario only |
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Adviser (Commodity, futures) |
s. 15(1) of the CFA General Regulation |
Registered Firm or Unregistered Capital Markets Participant |
When specified Ontario revenues for a previous financial year have been estimated:
s. 3.2(2) of Rule 13-502 |
Registered Firm |
When specified Ontario revenues for a previous financial year have been estimated:
s. 2.3(2) of Rule 13-503 |
Alberta Only |
|
Restricted Dealers |
s. 1(b)(ii) and 1(b)(iv) of the exemption order applicable to each Restricted Dealers |
These new orders are available on each CSA member's website. Links to the orders in Québec, Ontario, B.C. and Alberta can be found here:
New Investment Fund Order
AMF (PDF - French only): Décision générale relative à la prolongation de certains délais de dépôt, de transmission et de renouvellement de prospectus applicables aux fonds d'investissement pour la période du 2 juin 2020 au 30 septembre 2020
OSC: Ontario Securities Commission, Ontario Instrument 81-505 (PDF)
BCSC: British Columbia Securities Commission, BC Instrument 81- 521 (PDF)
ASC: Alberta Securities Commission, Blanket Order 81-507 (PDF)
New Registrant Order
QC (PDF - French only): Décision générale relative à une dispense de certaines des obligations réglementaires des personnes inscrites en valeurs mobilières et en dérivés
OSC: Ontario Securities Commission, Ontario Instrument 31-513 (PDF)
BCSC: British Columbia Securities Commission, BC Instrument 32-527 (PDF)
ASC: Alberta Securities Commission, Blanket Order 31-535 (PDF)
Originally published June 8, 2020
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