OSC Continues to Temporarily Waive Late Fees

May 29, 2020

The Ontario Securities Commission (OSC) is continuing to temporarily waive late fees for market participants during the COVID-19 pandemic pursuant to two new OSC Instruments which will apply to fees that accumulate between June 2, 2020 and September 30, 2020.

Pursuant to OSC Instrument 11-506 Temporary Relief from Accrual of Late Fees Charged under Ontario Securities Commission Rule 13-502 Fees, No. 2 and OSC Instrument 13-507 Temporary Relief from Accrual of Late Fees Charged under Ontario Securities Commission Rule 13-503 (Commodity Futures Act) Fees, No. 2 (together, the Blanket Orders), the OSC is extending its temporarily suspension of the accrual of late fees under OSC Rule 13-502 Fees (Rule 13-502) and OSC Rule 13-503 (Commodity Futures Act) Fees (Rule 13-503) for the period beginning on June 2, 2020 and ending on September 30, 2020. Market participants must continue to pay fees in accordance with Rule 13-502 and Rule 13-503. However, the Blanket Orders 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, either of the 45-day filing extensions recently published by the Canadian Securities Administrators (and previously discussed here and here) will not need to rely on the Blanket Orders or OSC Instrument 13-504 Temporary Relief from Accrual of Late Fees Charged Under Ontario Securities Commission Rule 13-502 (previously discussed here) as no late fee will become due if filings are made by their new extended deadline(s).

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