The Ontario Securities Commission, considering that to do so would not be prejudicial to the public interest, orders that effective on June 2, 2020, Ontario Instrument 13-507 entitled "Temporary Relief from Accrual of Late Fees Charged under Ontario Securities Commission Rule 13-503 (Commodity Futures Act) Fees, No. 2" is made.
May 29, 2020
Authority under which the order is made:
Act and section: Commodity Futures Act, subsection 75(2)
Ontario Securities Commission
Ontario Instrument 13-507
1. The coronavirus disease 2019 ("COVID-19") outbreak was declared a pandemic by the World Health Organization on March 11, 2020, and has led to a "Declaration of Emergency" under the Emergency Management and Civil Protection Act by the Lieutenant Governor of Ontario on March 17, 2020. The Ontario Securities Commission (the "Commission" or "OSC") acknowledges that this pandemic may present challenges for market participants in the meeting of certain obligations under Ontario commodity futures law.
2. Under subsection 75(2) of the Commodity Futures Law (Ontario) ("CFA") if the Commission considers that it would not be prejudicial to the public interest to do so, the Commission may, on application by an interested person or company or on its own initiative, make an order exempting a class of persons or companies, contracts, trades or intended trades from any requirement of Ontario commodity futures law on such terms or conditions as may be set out in the order, effective for a period of no longer than 18 months after the day on which it comes into force unless extended pursuant to clause (b) of subsection 75(3) of the CFA.
3. For the purposes of computing an amount determined under section 2.5 of Ontario Securities Commission Rule 13-503 (Commodity Futures Act) Fees ("OSC Rule 13-503"), business days in the period beginning June 2, 2020, and ending September 30, 2020, shall be ignored.
4. The daily late fees accruing under Appendix C of OSC Rule 13-503 shall be deemed to be nil in the period beginning June 2, 2020, and ending September 30, 2020.
5. The $100 fee in Row B of Appendix C of OSC Rule 13-503 for the late filing or delivery of Form 33-506F5 shall be deemed to be nil if the Form was required to be filed in the period beginning June 2, 2020, and ending September 30, 2020.
Effective date and term
6. This order comes into effect on June 2, 2020, and expires on September 30, 2020.