Mable Lam, Blair Wiley
Feb 7, 2014
The Ontario Securities Commission (OSC) recently announced the adoption of OSC Rule 11-501, Electronic Delivery of Documents to the Ontario Securities Commission (Rule). The Rule mandates electronic filing (via an online web portal) for a number of documents that the OSC currently accepts via email, regular mail or courier. On the assumption that ministerial approval will be granted, the Rule will come into force on February 19, 2014.
For registrant and exempt firms, it is notable that the Rule covers most documents required to be filed pursuant to National Instrument 31-103 – Registration Requirements, Exemptions and Ongoing Registrant Obligations (such as working capital calculation forms, notices of reliance on a registration exemption and notices of a change of ownership of a registrant) and National Instrument 33-109 – Registration Information (such as a firm registration form on Form 33‑109F6 and a change of registration information form on Form 33-109F5). Please refer to Appendix A of the Rule for a full list of documents required to be filed electronically.
The OSC expects that the new electronic filing requirements will streamline the submission process; improve data analysis, compliance and enforcement capabilities; and reduce the effort and time required to process the filings. However, the new electronic filing requirements apply only in the province of Ontario, so other provincial securities regulators will continue to require that all prescribed filings be delivered via email, regular mail or courier.
For more information on the new electronic filing requirements, please visit the OSC’s Electronic Filing Portal.
We would be pleased to discuss the above with you in more detail. If you have any questions or would like our assistance with electronic filings, please contact the authors.
Authored by Blair Wiley, Mable Lam