Regulatory Alerts2023-06-01
Amendments to Policy Statement 11-207 respecting Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions
Canadian securities regulators amended Policy Statement 11-207 to align filing requirements with the phased implementation of the System for Electronic Data Analysis and Retrieval + (SEDAR+). The updates replace references to the legacy SEDAR system with SEDAR+ and mandate electronic transmission of documents to regulators outside of Québec. Additionally, the amendments clarify procedural language regarding application materials, annual meeting requirements, and the treatment of filings.
AMENDMENTS TO POLICY STATEMENT 11-207 RESPECTING FAILURE-TOFILE CEASE TRADE ORDERS AND REVOCATIONS IN MULTIPLE JURISDICTIONS
- Section 3 of Policy Statement 11-207 respecting Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions is amended: (1) by striking out the definition of the expression “SEDAR”; (2) by inserting, after the definition of the expression “principal regulator”, the following: ““SEDAR+” means System for Electronic Data Analysis and Retrieval +;”.
- The Policy Statement is amended by inserting, after section 5, the following: “Electronic Transmission 5.1. Regulation 13-103 respecting System for Electronic Data Analysis and Retrieval
- (SEDAR+) (insert reference) prescribes that each document that is required or permitted to be provided to a regulator, except in Québec, or securities regulatory authority must be transmitted to the regulator, except in Québec, or securities regulatory authority electronically through the System for Electronic Data Analysis and Retrieval + (SEDAR+). The reference to a document includes any report, form, application, information, material and notice, as well as a copy thereof, and applies to documents that are required or permitted to be filed or deposited with, or delivered, furnished, sent, provided, submitted or otherwise transmitted to, a regulator, except in Québec, or securities regulatory authority. To reflect the phased implementation of SEDAR+, the Appendix of Regulation 13-103 respecting System for Electronic Data Analysis and Retrieval + (SEDAR+) sets out securities legislation under which documents are excluded from being filed or delivered in SEDAR+. Regulation 13-103 respecting System for Electronic Data Analysis and Retrieval
- (SEDAR+) should be consulted when providing any document to a regulator, except in Québec, or securities regulatory authority under this policy statement.”.
- Section 13 of the Policy Statement is amended by replacing “SEDAR” by “SEDAR+”.
- Section 16 of the Policy Statement is amended by replacing “circulate”, in paragraph (1), by “provide”.
- Section 19 of the Policy Statement is amended by striking out, in paragraph (2), “a copy of”.
- Section 28 of the Policy Statement is amended by replacing “to hold an annual meeting requirement” by “to hold an annual meeting”.
- Section 33 of the Policy Statement is amended by replacing “SEDAR”, in subparagraph (e) of paragraph (1), by “SEDAR+”.
- Section 37 of the Policy Statement is replaced by the following: “Filing
- A filer should send the application materials, including the draft order together with the fees, where applicable, to (a) the principal regulator or
2 (b) the principal regulator and the OSC, in the case of a dual application.”. 9. Section 40 of the Policy Statement is amended by replacing “mark”, in paragraph (2), by “treat”. 10. Section 45 of the Policy Statement is amended by replacing “circulate”, in paragraph (1), by “provide”.