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The CSA Publish New Blanket Relief Orders Intended For Investment Funds And For Registrants And Unregistered Capital Markets Participants – Finance and Banking – Canada – Mondaq News Alerts

Published

4 years ago

June 17, 2020

Harry Miller

Canada:

The CSA Publish New Blanket Relief Orders Intended For Investment Funds And For Registrants And Unregistered Capital Markets Participants

Investment Management Bulletin

17 June 2020

Fasken

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On May 20, 2020, the CSA published a press release announcing the issuance of an
additional local harmonized blanket relief order intended for
investment funds (the “New Investment Fund Order”). The
CSA, except for the AMF and the MSC (collectively the
“Participating Jurisdictions”), also published a press release on May 29 announcing the
issuance of an additional local harmonized blanket relief order
intended for registrants and unregistered capital markets
participants (the “New Registrant Order”). Québec
and Manitoba preferred to only issue temporary blanket relief from
certain financial statement and information delivery requirements
for registrants whose principal regulator (“PR”) is one
of the Participating Jurisdictions.

Both orders were issued in the context of the COVID-19 pandemic
and follow the issuance of other local harmonized blanket relief
orders
published on March 23, 2020 (the “Initial Blanket Relief
Orders”). Under no circumstances do these new orders provide a
further extension of any deadline previously extended under the
Initial Blanket Relief Orders and both will expire on November 30,
2020.

New Investment Fund Order

The New Investment Fund Order grants an additional 60 days from
the deadline otherwise applicable under the securities legislation
for the below filing and/or delivery requirements (the
“Investment Fund Filing and/or Delivery Requirements”) by
any investment fund from June 2, 2020 to September 30, 2020 (the
“Covered Period”).

In order to benefit from the New Investment Fund Order, an
investment fund shall as soon as reasonably practicable and in
advance of its filing or delivery deadline:

notify the appropriate securities commission stating that the
investment fund is relying on the New Investment Fund Order and
each applicable requirement for which it is relying on this order;
and
post a statement on its public website, or the public website
of its investment fund manager, stating that the investment fund is
relying on the New Investment Fund Order and each applicable
requirement for which it is relying on the New Investment Fund
Order.

Investment Fund Filing an/or Delivery Requirements

Québec, Ontario, British Columbia and
Alberta

Investment Fund

When investment fund distributes securities under a prospectus
with a lapse date occurring during the Covered Period, the
investment fund can postpone its prospectus lapse date 60 days
later.

s. 2.5 NI 81-101 & 17.2 of NI 41-101

When investment fund is not an ETF in continuous distribution
and does not have a principal distributor

compliance report

s. 12.1 NI 81-102

filing and delivery to securityholders of annual financial
statements & auditor’s report

s. 2.2 NI 81-106 & 5.1(2) NI 81-106

filing and delivery to securityholders of interim financial
information

s. 2.4 NI 81-106 & 5.1(2) NI 81-106

When investment fund is not a scholarship plan

filing and delivery to securityholders of annual management
report of fund performance
filing and delivery to securityholders of interim management
report of fund performance

s. 4.2 NI 81-106 & 5.1(2) NI 81-106

When investment fund is a scholarship plan

annual management report of fund performance

s. 4.3 NI 81-106

delivery to securityholders of a request form to instruct the
investment fund as to which of the documents the securityholder
wishes to receive

s. 5.2(5) NI 81-106 &5.3(3) NI 81-106

delivery to securityholder of the documents requested by the
securityholder

s. 5.4 NI 81-106

annual information form

s. 9.3 NI 81-106

IRC

report to securityholder

s. 4.4 NI 81-107

Custodian

compliance reports

s. 14.6(3) NI 41-101 & 6.7(3) NI 81-102

Labour Sponsored/ Venture Capital Fund

independent valuation

s. 8.2(c) NI 81-106

Québec, Ontario and Alberta only

Investment Fund

When mutual fund is not a reporting issuer

notice of reliance on section 2.11 exemption to file financial
statements

s. 2.11 NI 81-106

Québec only

Development Capital Investment Fund
(“DCIF“)

annual financial statements & auditor’s report

s. 6 Regulation DCIF

interim financial report and auditor’s report

s. 8 Regulation DCIF

statement of its development capital investments

s. 18 Regulation DCIF

statement of its other investments

s. 21 Regulation DCIF

index of investments made by the specialized funds

s. 30 & 31 Regulation DCIF

annual management discussion and analysis

s. 51 Regulation DCIF

annual information form

s. 59 & 61 Regulation DCIF

Alberta Only

Investment Fund

When investment fund is relying on the offering memorandum
prospectus exemption

annual financial statements

s. 2.9(17.4) NI 45-106

New Registrant Order

The New Registrant Order grants an additional 60 days for
periodic filings normally required to be made during the Covered
Period by registrants and, in Ontario, unregistered capital markets
participants that rely upon certain registration exemptions (the
“Registrant Filing and/or Delivery Requirements”).

According to the AMF, the decision to refuse to grant a 60-day
extension for registrants for which the AMF acts as PR will allow
the AMF to analyze the impact of the COVID-19 crisis and lockdowns
on the liquidity and solvency of registered firms and take measures
for investor protection. The AMF remains open to grant
discretionary relief orders in favour of Québec registered
firms that may have specific difficulties in complying with certain
filing or delivery requirements during the Covered Period.

Registrant Filing An/Or Delivery Requirements

Québec (only when PR is one of the Participating Jurisdictions),Ontario, British Columbia and Alberta
Dealer	annual financial statements interim financial information completed Forms 31-103F1 Calculation of Excess Working Capital (“Form 31-103F1”) s. 12.12(1)&(2) NI 31-103
Dealer	When investment dealer is a member of IIROC and is registered as an investment fund manager completed IIROC Forms 1 Joint Regulatory Financial Questionnaire and Report s. 12.14(4)(b)&(c) NI 31-103
Adviser	annual financial statements completed Form 31-103F1 s. 12.13(a)&(b) NI 31-103
IFM	annual financial statements interim financial information completed Forms 31-103F1 completed Forms 31-103F4 Net Asset Value Adjustments s. 12.14(1)&(2) NI 31-103
MFD	When MFD is a member of MFDA and is registered as an exempt market dealer or scholarship plan dealer completed MFDA Forms 1 MFDA Financial Questionnaire and Report (“MFDA Form 1”) s. 12.12(2.1)(b)&(c) NI 31-103
MFD	When MFD is a member of MFDA and is registered as an investment fund manager completed MFDA Forms 1 s. 12.14(5)(b)&(c)
Québec only (only when PR is one of the Participating Jurisdictions)
Dealer, Adviser and IFM	When registered under the Securities Act (QC) payment of certain fees s. 271.5(3.1) of Securities Regulation (QC)
Dealer or Adviser (Derivatives)	When registered under the Derivatives Act (QC) annual financial statements interim financial information completed Forms 31-103F1 s. 12.12(1)&(2) &12.13 31-1103
Dealer or Adviser (Derivatives)	When registered under the Derivatives Act (QC) payment of certain fees s. 5(4) of the Tariffs for costs and fees payable in respect of derivatives.
Ontario only
Adviser (Commodity, futures)	audited financial statements s. 15(1) of the CFA General Regulation
Registered Firm or Unregistered Capital Markets Participant	When specified Ontario revenues for a previous financial year have been estimated: calculation of specified Ontario revenues determination of its participation fee shown in Appendix B of OSC Rule 13-502 Fees (“Rule 13-502”) opposite the specified Ontario revenues if the participation fee determined under the above paragraph exceeds the participation fee paid under subsection 3.2(1) of Rule 13-502, payment of the balance owing and filing a completed Adjusted Form 13-502F4 Capital Markets Participation Fee Calculation and Form 13-502F5 Adjustment of Fee for Registrant Firms and Unregistered Exempt International Firms via the OSC electronic filing portal. s. 3.2(2) of Rule 13-502
Registered Firm	When specified Ontario revenues for a previous financial year have been estimated: calculation of specified Ontario revenues determination of its participation fee shown in Appendix A of OSC Rule 13-503 (Commodity Futures Act) Fees (“Rule 13-503”) opposite the specified Ontario revenues if the participation fee determined under the above paragraph exceeds the participation fee paid under subsection 2.3(1) of Rule 13-503, payment of the balance owing and filing of a completed Form 13-503F1 (Commodity Futures Act) – Participation Fee Calculation and Form 13-503F2 Adjustment of Fee Payment. s. 2.3(2) of Rule 13-503
Alberta Only
Restricted Dealers	annual financial information completed Forms 31-103F1 Form 1-FR-IB with annual and interim financial information s. 1(b)(ii) and 1(b)(iv) of the exemption order applicable to each Restricted Dealers

These new orders are available on each CSA member’s website.
Links to the orders in Québec, Ontario, B.C. and Alberta can
be found here:

New Investment Fund Order

AMF (PDF – French only): Décision générale relative
à la prolongation de certains délais de
dépôt, de transmission et de renouvellement de
prospectus applicables aux fonds d’investissement pour la
période du 2 juin 2020 au 30 septembre 2020

OSC: Ontario Securities Commission, Ontario Instrument
81-505 (PDF)

BCSC: British Columbia Securities Commission, BC
Instrument 81- 521 (PDF)

ASC: Alberta Securities Commission, Blanket Order
81-507 (PDF)

New Registrant Order

QC (PDF – French only): Décision générale relative
à une dispense de certaines des obligations
réglementaires des personnes inscrites en valeurs
mobilières et en dérivés

OSC: Ontario Securities Commission, Ontario Instrument
31-513 (PDF)

BCSC: British Columbia Securities Commission, BC
Instrument 32-527 (PDF)

ASC: Alberta Securities Commission, Blanket Order
31-535 (PDF)

Originally published June 8, 2020

The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.

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Investment

Tesla shares soar more than 14% as Trump win is seen boosting Elon Musk’s electric vehicle company

Published

3 days ago

November 6, 2024

Anne Joseph

NEW YORK (AP) — Shares of Tesla soared Wednesday as investors bet that the electric vehicle maker and its CEO Elon Musk will benefit from Donald Trump’s return to the White House.

Tesla stands to make significant gains under a Trump administration with the threat of diminished subsidies for alternative energy and electric vehicles doing the most harm to smaller competitors. Trump’s plans for extensive tariffs on Chinese imports make it less likely that Chinese EVs will be sold in bulk in the U.S. anytime soon.

“Tesla has the scale and scope that is unmatched,” said Wedbush analyst Dan Ives, in a note to investors. “This dynamic could give Musk and Tesla a clear competitive advantage in a non-EV subsidy environment, coupled by likely higher China tariffs that would continue to push away cheaper Chinese EV players.”

Tesla shares jumped 14.8% Wednesday while shares of rival electric vehicle makers tumbled. Nio, based in Shanghai, fell 5.3%. Shares of electric truck maker Rivian dropped 8.3% and Lucid Group fell 5.3%.

Tesla dominates sales of electric vehicles in the U.S, with 48.9% in market share through the middle of 2024, according to the U.S. Energy Information Administration.

Subsidies for clean energy are part of the Inflation Reduction Act, signed into law by President Joe Biden in 2022. It included tax credits for manufacturing, along with tax credits for consumers of electric vehicles.

Musk was one of Trump’s biggest donors, spending at least $119 million mobilizing Trump’s supporters to back the Republican nominee. He also pledged to give away $1 million a day to voters signing a petition for his political action committee.

In some ways, it has been a rocky year for Tesla, with sales and profit declining through the first half of the year. Profit did rise 17.3% in the third quarter.

The U.S. opened an investigation into the company’s “Full Self-Driving” system after reports of crashes in low-visibility conditions, including one that killed a pedestrian. The investigation covers roughly 2.4 million Teslas from the 2016 through 2024 model years.

And investors sent company shares tumbling last month after Tesla unveiled its long-awaited robotaxi at a Hollywood studio Thursday night, seeing not much progress at Tesla on autonomous vehicles while other companies have been making notable progress.

Tesla began selling the software, which is called “Full Self-Driving,” nine years ago. But there are doubts about its reliability.

The stock is now showing a 16.1% gain for the year after rising the past two days.

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Investment

S&P/TSX composite up more than 100 points, U.S. stock markets mixed

Published

3 weeks ago

October 16, 2024

Anne Joseph

TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 103.40 points at 24,542.48.

In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.

The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.

The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.

The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.

This report by The Canadian Press was first published Oct. 16, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

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Economy

S&P/TSX up more than 200 points, U.S. markets also higher

Published

4 weeks ago

October 11, 2024

Anne Joseph

TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.

The S&P/TSX composite index was up 205.86 points at 24,508.12.

In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.

The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.

The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.

The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.

This report by The Canadian Press was first published Oct. 11, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

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