Ontario Securities Commission temporarily suspends accrual of all late fees

The OSC announced this week that, as a result of the COVID-19 situation, it is suspending the accrual of all late fees that would otherwise accumulate between April 17 and June 1, 2020 (the Suspension Period) under OSC Rule 13-502 – Fees and OSC Rule 13-503 – (Commodity Futures Act) Fees (the Fee Rules).

As a result:

  • All late fees that accumulate daily during the Suspension Period under the Fee Rules are suspended, including fees for late filing or delivery of financial statements, annual information forms, reports of exempt distribution and insider reports.
     
  • No late fee will apply for late amendments to registration forms for firms or individuals if the amendment filing on Form 33-109F5 was required during the Suspension Period.
     
  • All late fees that accrue each business day during the Suspension Period for the late payment of the following are suspended:
    • corporate finance participation fees by reporting issuers other than investment funds
    • capital markets participation fees by registered dealers, advisers and investment fund mangers
    • capital markets participation fees by unregistered investment fund managers, international dealers and international advisers
    • participation fees for designated credit rating organizations.

Under recent CSA exemptive relief we discussed in a previous blog, various filing date extensions were made available, without late fee penalties, to a variety of market participants across Canada. The OSC’s late fee blanket orders apply in Ontario to market participants who are either not eligible for the CSA relief or have chosen not to take advantage of it.  

The OSC is monitoring the situation and may determine that additional late fee relief may be needed in respect of the periods before and after the Suspension Period.

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