Non-investment fund issuers
To qualify for relief, a non-investment fund issuer will have to comply with certain conditions, including issuing and filing a news release as soon as reasonably practicable in advance of its filing deadline, disclosing each applicable requirement for which it is relying on the exemption and, in certain cases, that its management and other insiders are subject to an insider trading black-out policy, as well as other information. Additionally, the person or company relying on this exemption for certain annual and interim filings or delivery requirements may not file a prospectus for an offering of securities until it has filed all documents for which it is relying on the exemption.
To qualify for relief, an investment fund must, as soon as reasonably practicable and in advance of its filing or delivery deadline, notify the Director of the Investment Funds and Structured Products Branch, and must also post a statement on its public website, or the public website of its investment fund manager, stating each applicable requirement for which the investment fund is relying on the exemption.
Management Cease Trade Orders regarding Prior Relief
CSA members will consider applications for a management cease trade order (MCTO) by non-investment fund issuers that took advantage of the Prior Relief and are unable to comply with their filing or delivery obligations by their extended deadline, but anticipate being able to comply shortly thereafter. If an MCTO is issued, the issuer must comply with ‘alternative information guidelines,’ as provided in National Policy 12-203 – Management Cease Trade Orders, until the required documents are filed.