OSC announces temporary changes to service commitments

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Dec 20, 2021

The Ontario Securities Commission (OSC) announced temporary changes to its service commitments in response to a significant and persistent increase in the volume and complexity of certain applications and filings. The changes extend timelines related to reviews of certain offering documents, compliance reviews, applications and other registration materials for which the OSC is principal regulator. The extended timelines will remain in effect from December 7, 2021 to June 30, 2022.

While the temporary changes to its service commitments are in place, OSC staff will not review pre-files for draft preliminary base shelf prospectuses or non-offering prospectuses under its confidential pre-file program. The temporary changes do not impact urgent and time-sensitive prospectus pre-filings, such as those involving bought deals and overnight marketed offerings.

As part of its annual review, the OSC will conduct a comprehensive evaluation of all its service commitments, including the applications and filings included in the temporary changes. The OSC will publish any further changes to its service commitments as a result of this evaluation at the end of Q1 2022 (June 30, 2022). All preliminary prospectuses and exemptive relief applications filed after December 7, 2021 will be processed under the temporary service commitments.

Review the press release and temporary changes on the OSC's website.

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