OSC Coordinated Blanket Order 13-932 - Re Exemptions from certain filing requirements in connection with the launch of the System for Electronic Data Analysis and Retrieval +

Definitions

1. Terms defined in the Securities Act (Ontario) (the Act) and National Instrument 14-101 Definitions have the same meanings in this order.
2. In this order:
   
   “cutover end date” means the earlier of the date on which SEDAR+ becomes available for filing and July 28, 2023;
   
   “cutover period” means the period beginning on July 21, 2023 and ending on the cutover end date;
   
   “deferral blanket order” means Coordinated Blanket Order 13-931 Exemptions from certain filing requirements in connection with the deferred launch of the System for Electronic Data Analysis and Retrieval +.

Background

3. The National Systems Renewal Program is an initiative of the CSA that will replace existing CSA national systems with a centralized system, the System for Electronic Data Analysis and Retrieval + (SEDAR+). The first phase of SEDAR+ will replace the System for Electronic Document Analysis and Retrieval (SEDAR), the National Cease Trade Order Database, the Disciplined List, and certain filings in the British Columbia Securities Commission’s eServices system and the Ontario Securities Commission’s electronic filing portal.
4. On June 1, 2023, the CSA announced that the launch of SEDAR+ would be deferred.
5. On June 9, 2023, National Instrument 13-101 System for Electronic Document Analysis and Retrieval (SEDAR) was repealed and National Instrument 13-103 System for Electronic Data Analysis and Retrieval + (SEDAR+) (NI 13-103) was adopted. NI 13-103 requires a person or company to transmit through SEDAR+ certain documents required or permitted under securities legislation to be filed with or delivered to a securities regulatory authority or regulator. The deferral blanket order provides exemptions from certain requirements of NI 13-103 to address the deferral of the launch of SEDAR+.
6. The CSA intends to launch SEDAR+ on July 25, 2023. In order to accommodate the transfer of required system data, neither SEDAR nor SEDAR+ will be available for filing during the cutover period.  
7. During the cutover period, a person or company will not be able to comply with the requirement in NI 13-103 to file a document with, or deliver a document to, the securities regulatory authority or regulator by transmitting it through SEDAR+ and would not be able to comply with the conditions of the exemptions in the deferral blanket order to transmit a document through SEDAR.    
8. This order does not relieve a person or company from any requirement under securities legislation to issue a news release or deliver a document to securityholders.

Order

Exemption from the requirement to file or deliver a document during the cutover period

9. The Commission, considering that to do so would not be prejudicial to the public interest, orders under subsection 143.11(2) of the Act that, in respect of a document that is required to be transmitted through SEDAR+ under NI 13-103, a person or company is exempt from the requirement to file the document with, or deliver the document to, the securities regulatory authority or regulator under securities legislation during the cutover period, provided that the person or company files or delivers the document through SEDAR+ no later than 2 business days after the cutover end date.

Exemption from the requirement to transmit a document through SEDAR+ during the cutover period

10. The Commission, considering that to do so would not be prejudicial to the public interest, orders under subsection 143.11(2) of the Act that a person or company is exempt from the requirement in section 2 of NI 13-103 to transmit a document through SEDAR+ during the cutover period, provided that the person or company transmits the document to the securities regulatory authority or regulator
    1. (a)     as set out in the Appendix to this order, and
    2. (b)     through SEDAR+ no later than 2 business days after the cutover end date.

Relief from local fee rule

11. The Commission, considering that to do so would not be prejudicial to the public interest, orders under subsection 143.11(2) of the Act that in respect of a document that is required to be transmitted through SEDAR+ under NI 13-103, a person or company filing the document with, or delivering a document to, the securities regulatory authority or regulator as contemplated in paragraph 10(a) of this order is exempt from the requirements in sections 32, 34 and 35 of Ontario Securities Commission Rule 13-502 Fees, provided the person or company pays the fee at the time of filing or delivering the document through SEDAR+.

Revocation of deferral blanket order

12. The Commission orders that the deferral blanket order is revoked.

Effective date

13. This order comes into effect on July 21, 2023.

For the Commission:

“D. Grant Vingoe”
D. Grant Vingoe
Chief Executive Officer
Ontario Securities Commission