CSA 92/02 - Applications for Discretionary Orders [CSA Notice - Rescinded]

Published Date:	1992-07-09

The Canadian Securities Administrators (the "CSA") are concerned about the procedures followed by many applicants for discretionary orders where applications are made in more than one Canadian jurisdiction. Where an application is not made simultaneously to all of the jurisdictions in question, the securities regulatory authorities in those jurisdictions may not have sufficient time to consider the application and to coordinate their response. Jurisdictions have frequently been asked to consider at the last minute an application that another jurisdiction has been considering for some time or in respect of which that other jurisdiction has already issued an order. This can cause problems for both the applicant and the securities regulatory authorities.
The CSA have concluded that where an application for a discretionary order is to be made in more than one Canadian jurisdiction, that application should be made simultaneously in all the jurisdictions in question. The covering letter for the application should identify all of the Canadian jurisdictions in which applications are being made. This procedure will increase the efficiency of securities regulatory authorities in dealing with applications for discretionary orders.