Skip to content
Logo OSC - Ontario Securities Commission
Logo OSC - Ontario Securities Commission
  • eFilings
  • Français
Search
Main navigation
  • Industry
    • Registration and compliance
      • Getting registered
      • Ongoing requirements
      • Changes to registration
      • Opportunity to be heard and Director’s decisions
      • Applying for relief
      • Registrant Outreach program
      • Registrant search
      • Registration forms and documents
      • Working with older and vulnerable clients
      • Registered crypto asset trading platforms
    • Innovation at the OSC
    • Companies
      • Selling securities in Ontario
      • Continuous disclosure
      • Resources for companies
      • Industry-specific disclosure requirements
      • Insider reporting
      • Mergers and acquisitions
      • Filing guidance
      • Information on IFRS
      • Issuer-related instruments, policies and notices
      • Reporting issuer and issuer forms
      • Applying for discretionary relief
      • Designated benchmarks and benchmark administrators
    • Investment funds
      • Types of investment funds
      • Prospectus offerings for investment funds in Ontario
      • Operating an investment fund in Ontario
      • Ongoing disclosure requirements for investment funds in Ontario
      • Marketing and sales of investment funds
      • Investment Management Brief
      • Investment fund survey
    • Market regulation
      • Self-regulatory organizations (SRO)
      • Marketplaces
      • Clearing agencies and clearing houses
      • Investor protection funds
      • Information processors
      • Trade repositories
      • Market structure initiatives
    • Derivatives
      • Data reporting requirements for derivatives in Ontario and trade repository designation
      • Legal entity identifiers
      • CORRA/Term CORRA-based OTC derivatives trend analysis
    • Artificial intelligence (AI)
    • SEDAR+
  • Securities law
    • Legislation
      • Legislative reviews
    • Instruments, rules and policies
      • 1 - Procedure and Related Matters
      • 2 - Certain Capital Market Participants
      • 3 - Registration Requirements and Related Matters
      • 4 - Distribution Requirements
      • 5 - Ongoing Requirements for Issuers and Insiders
      • 6 - Take-Over Bids and Special Transactions
      • 7 - Securities Transactions Outside the Jurisdiction
      • 8 - Investment Funds
      • 9 - Derivatives
      • Documents not numbered
      • Securities rule-making in Ontario
    • Proposed instruments, rules and policies
    • Orders, rulings and decisions
    • Blanket orders
    • Delegation orders
    • OSC Bulletin
    • Filing documents online
      • Registration forms and documents
      • Reporting issuer and issuer forms
  • Tribunal
  • Investors
    • Investor protection
      • The OBSI Joint Regulators Committee
    • Investor resources
    • Investor research and reports
    • Investor warnings and alerts
    • Check before you invest
    • OSC in the Community
    • Investor Advisory Panel
      • Members of the Investor Advisory Panel
      • Investor Advisory Panel meeting agendas
      • Investor Advisory Panel notices and information
      • Submissions by the Investor Advisory Panel
  • Enforcement
    • Court proceedings
    • Sanctions
      • Allocation and use of funds from sanctions and settlements
      • Individuals or companies with unpaid OSC sanctions
    • Cease trade and freeze orders
    • Mediation program
    • OSC Whistleblower Program
      • Award eligibility and process
      • Whistleblower protections
      • Submit a whistleblower report
      • Update on the OSC Whistleblower Program 2016 to 2022
    • Investigation resources
    • Automatically reciprocated orders and settlement agreements
    • OSC QuadrigaCX report
      • QuadrigaCX investigative report
  • News & events
    • News releases
    • Events
      • Speeches and interviews
      • OSC Dialogue
      • OSC Dialogue 2025: Future Ready
    • Reports and publications
    • Media resources
    • Connect with us
    • Subscribe
      • OSC Guide
    • COVID-19 updates
  • About us
    • Role of the OSC
      • Our structure
      • OSC Strategic Plan
      • OSC organization and leadership
      • Advisory committees
    • Governance
      • Board Directors
      • Board committees
    • Accountability
      • OSC Annual Report
      • OSC Statement of Priorities
      • OSC Business Plan
      • OSC Service Commitment
      • Expense disclosure
    • Domestic and international engagement
      • Domestic engagement
      • International engagement
      • Visits from foreign delegations
    • Careers at the OSC
      • Working at the OSC
      • Student employment opportunities
      • Applying for a job with the OSC
    • Contact us
      • Accessing OSC records
    • Open Data
      • Open Data feedback form

Volume 48, Issue 17

Component Menu Left Sidebar
  • Securities law
    • Legislation
    • Instruments, rules and policies
    • Proposed instruments, rules and policies
    • Orders, rulings and decisions
    • Blanket orders
    • Delegation orders
    • OSC Bulletin
    • Filing documents online
May 1, 2025
PDF file
Document
Volume 48, Issue 17 Document opens in new tab
Footer main navigation
  • Industry
    • Registration and compliance
    • Innovation at the OSC
    • Companies
    • Investment funds
    • Market regulation
    • Derivatives
    • Artificial intelligence (AI)
    • SEDAR+
  • Securities law
    • Legislation
    • Instruments, rules and policies
    • Proposed instruments, rules and policies
    • Orders, rulings and decisions
    • Blanket orders
    • Delegation orders
    • OSC Bulletin
    • Filing documents online
  • Tribunal
  • Investors
    • Investor protection
    • Investor resources
    • Investor research and reports
    • Investor warnings and alerts
    • Check before you invest
    • OSC in the Community
    • Investor Advisory Panel
  • Enforcement
    • Court proceedings
    • Sanctions
    • Cease trade and freeze orders
    • Mediation program
    • OSC Whistleblower Program
    • Investigation resources
    • Automatically reciprocated orders and settlement agreements
    • OSC QuadrigaCX report
  • News & events
    • News releases
    • Events
    • Reports and publications
    • Media resources
    • Connect with us
    • Subscribe
    • COVID-19 updates
  • About us
    • Role of the OSC
    • Governance
    • Accountability
    • Domestic and international engagement
    • Careers at the OSC
    • Contact us
    • Open Data
  • Français
Footer menu
  • Accessibility at the OSC
  • Legal
  • OSC Service Commitment
  • Open Data
  • Contact us
  • Careers
  • Sitemap

Your feedback matters

Use this form to submit website feedback and suggestions, or to inform us about website issues. If you are a market participant, investor, or member of the public in need of assistance or information related to OSC programs and services, or you wish to make a complaint or submit a tip, please visit our contact page for the relevant contact information.

Your personal information may be collected in order to respond to your feedback. Your information will not be placed on mailing lists or released to any third party, except as may be authorized by law. For further information on how personal information collected on this page may be used, please see our Privacy Statement.
CAPTCHA
This question is for testing whether or not you are a human visitor and to prevent automated spam submissions.

Subscribe to our updates

Connect with us:

Ontario Securities Commission Logo Government of Ontario logo

Subscribe to our updates

Connect with us:

® Ontario Securities Commission 2025
Logo OSC - Ontario Securities Commission
Main navigation mobile
    • Industry
      • Registration and compliance
        • Getting registered
          • How to register a firm
          • How to register an individual
        • Ongoing requirements
          • Business conduct requirements
          • Compliance system
          • Compliance-related reports, staff notices and email notifications
          • Financial requirements
          • OSC compliance reviews
          • Updating registration information
        • Changes to registration
          • Changing registration categories or jurisdictions
          • Registration terms and conditions
          • Surrendering registration
          • Suspending, reinstating and revoking registration
          • Transferring registration to another firm
        • Opportunity to be heard and Director’s decisions
        • Applying for relief
        • Registrant Outreach program
          • Topical Guide for Registrants
        • Registrant search
          • Registered Firms List
        • Registration forms and documents
          • Fees
            • Participation fees
            • Activity fees
            • Late fees
            • National Registration Database (NRD) fees
        • Working with older and vulnerable clients
        • Registered crypto asset trading platforms
      • Innovation at the OSC
      • Companies
        • Selling securities in Ontario
          • Pre-filing a prospectus with the OSC
          • Filing a prospectus in Ontario
          • Prospectus marketing rules
          • Acquisition disclosure when filing a prospectus
          • Other prospectus matters
          • The exempt market
            • Exempt Distributions Summary
            • Ontario Exempt Market Dashboard
        • Continuous disclosure
        • Resources for companies
        • Industry-specific disclosure requirements
          • Specific disclosure requirements for mining and oil and gas companies
          • Canadian cannabis industry disclosure requirements
        • Insider reporting
        • Mergers and acquisitions
          • Take-over bids and issuer bids
          • Conflict of interest transactions
          • Take-over bid defensive tactics
          • Early warning system and alternative monthly reporting system
        • Filing guidance
        • Information on IFRS
          • Guidelines for Requests for Consultations with the Office of the Chief Accountant
        • Issuer-related instruments, policies and notices
        • Reporting issuer and issuer forms
          • Filing due dates calendar for annual and interim filings by reporting issuers
          • Form 45-106F1 - Report of Exempt Distribution
        • Applying for discretionary relief
        • Designated benchmarks and benchmark administrators
      • Investment funds
        • Types of investment funds
        • Prospectus offerings for investment funds in Ontario
        • Operating an investment fund in Ontario
        • Ongoing disclosure requirements for investment funds in Ontario
        • Marketing and sales of investment funds
        • Investment Management Brief
        • Investment fund survey
          • Investment Fund Survey data
      • Market regulation
        • Self-regulatory organizations (SRO)
          • Canadian Investment Regulatory Organization (CIRO)
          • Predecessor self-regulatory organizations
            • Investment Industry Regulatory Organization of Canada (IIROC)
            • Mutual Fund Dealers Association of Canada (MFDA)
        • Marketplaces
          • Exchanges
            • Recognized exchanges
            • Exempt exchanges
            • Swap Execution Facilities and Multilateral Trading Facilities
          • Alternative trading systems (ATSs)
            • ATSs operating in Ontario
        • Clearing agencies and clearing houses
          • Recognized clearing agencies
          • Exempted clearing agencies
        • Investor protection funds
          • Canadian Investor Protection Fund (CIPF)
          • Predecessor investor protection funds
            • Former Canadian Investor Protection Fund (former CIPF)
            • MFDA Investor Protection Corporation (MFDA IPC)
        • Information processors
        • Trade repositories
        • Market structure initiatives
      • Derivatives
        • Data reporting requirements for derivatives in Ontario and trade repository designation
        • Legal entity identifiers
        • CORRA/Term CORRA-based OTC derivatives trend analysis
      • Artificial intelligence (AI)
      • SEDAR+
    • Securities law
      • Legislation
        • Legislative reviews
      • Instruments, rules and policies
        • 1 - Procedure and Related Matters
        • 2 - Certain Capital Market Participants
        • 3 - Registration Requirements and Related Matters
        • 4 - Distribution Requirements
        • 5 - Ongoing Requirements for Issuers and Insiders
        • 6 - Take-Over Bids and Special Transactions
        • 7 - Securities Transactions Outside the Jurisdiction
        • 8 - Investment Funds
        • 9 - Derivatives
        • Documents not numbered
        • Securities rule-making in Ontario
      • Proposed instruments, rules and policies
      • Orders, rulings and decisions
      • Blanket orders
      • Delegation orders
      • OSC Bulletin
      • Filing documents online
        • Registration forms and documents
        • Reporting issuer and issuer forms
    • Tribunal
    • Investors
      • Investor protection
        • The OBSI Joint Regulators Committee
      • Investor resources
      • Investor research and reports
      • Investor warnings and alerts
      • Check before you invest
      • OSC in the Community
      • Investor Advisory Panel
        • Members of the Investor Advisory Panel
        • Investor Advisory Panel meeting agendas
        • Investor Advisory Panel notices and information
        • Submissions by the Investor Advisory Panel
    • Enforcement
      • Court proceedings
      • Sanctions
        • Allocation and use of funds from sanctions and settlements
          • Current distributions of funds from sanctions and settlements
        • Individuals or companies with unpaid OSC sanctions
      • Cease trade and freeze orders
      • Mediation program
      • OSC Whistleblower Program
        • Award eligibility and process
        • Whistleblower protections
        • Submit a whistleblower report
          • Submission guide
          • Technical support for submitting a Whistleblower report
        • Update on the OSC Whistleblower Program 2016 to 2022
      • Investigation resources
      • Automatically reciprocated orders and settlement agreements
      • OSC QuadrigaCX report
        • QuadrigaCX investigative report
    • News & events
      • News releases
      • Events
        • Speeches and interviews
        • OSC Dialogue
          • OSC Dialogue 2025: Future Ready
          • OSC Dialogue 2024: Inviting, thriving and secure capital markets
          • OSC Dialogue 2023: Regulating with Purpose
        • OSC Dialogue 2025: Future Ready
      • Reports and publications
      • Media resources
      • Connect with us
      • Subscribe
        • OSC Guide
      • COVID-19 updates
    • About us
      • Role of the OSC
        • Our structure
        • OSC Strategic Plan
        • OSC organization and leadership
        • Advisory committees
      • Governance
        • Board Directors
          • Board Director opportunities
        • Board committees
      • Accountability
        • OSC Annual Report
        • OSC Statement of Priorities
        • OSC Business Plan
        • OSC Service Commitment
          • OSC Service Standards Reporting
        • Expense disclosure
      • Domestic and international engagement
        • Domestic engagement
          • Domestic Memoranda of Understanding (MOUs)
        • International engagement
          • International Memoranda of Understanding (MOUs)
          • Data privacy and the Administrative Arrangement
        • Visits from foreign delegations
      • Careers at the OSC
        • Working at the OSC
        • Student employment opportunities
        • Applying for a job with the OSC
      • Contact us
        • Accessing OSC records
      • Open Data
        • Open Data feedback form
  • eFilings
  • Français