Investment Funds Provided With Extension of Certain Filing, Delivery and Prospectus Renewal Requirements

May 29, 2020

The Canadian Securities Administrators (CSA) have extended certain filing, delivery and prospectus renewal obligations of investment funds that fall between June 2 and September 30, 2020 for 60 days, subject to certain conditions (the Temporary Relief).

  • Conditions of the Temporary Relief are substantially the same as those set out in the previously published relief (the Prior Relief).
  • Issuers that have relied on the Prior Relief may not rely on the extended deadlines under the Temporary Relief.

As we discussed in March, the CSA previously extended certain obligations that were required to be met by investment funds during the period from March 23 to June 1, 2020 for a period of 45 days. The Temporary Relief extends these same filing and delivery obligations for 60 days where the obligations are required to be met during the period from June 2 to September 30, 2020. Also similar to the Prior Relief, investment funds distributing securities under a prospectus with a lapse date falling between June 2, 2020 and September 30, 2020 may extend that lapse date by 60 days.

The terms and conditions that must be satisfied in order for an investment fund to rely on the Temporary Relief are the same as those set out in the Prior Relief. No further extension of any deadline previously extended under the Prior Relief, however, is permitted.

The Temporary Relief, which has been issued pursuant to local blanket orders, came into effect on May 20, 2020 and expires on November 30, 2020. For more information see, for example, Ontario Instrument 81-505 Extension of Certain Filing, Delivery and Prospectus Renewal Requirements of Investment Funds with Deadlines during the period From June 2 to September 30, 2020.

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