Exemptive Relief and Exemption Application Process FAQs
Applications for relief from issuer regulations must be filed on SEDAR+ .
All other exemptive relief applications filed in British Columbia should be filed using BCSC eServices. See the Appendix to NI 13-103 System for Electronic Data Analysis and Retrieval + (SEDAR+) for a list of applications that are not filed through SEDAR+.
For applications for exemptive relief from insider, registrant or marketplace regulations, you should file the application using BCSC eServices.
To confirm whether your application must be filed using SEDAR+, see National Instrument 13-103 System for Electronic Document Analysis and Retrieval+ (SEDAR+).
To understand the process, read The Exemption Application Process.
References:
- BC Policy 45-601 Discretionary Exemptions for local applications
- National Policy 11-203 Process for Exemptive Relief Applications in Multiple Jurisdictions for applications in more than one Canadian jurisdiction
See BCN 47-701 Blanket Permission Under Section 50(1)(d) of the Securities Act.
BCN 47-701 provides blanket permission under section 50(1)(d) of the Act. Requiring written permission in individual cases is no longer necessary to protect potential investors because of section 50(2) of the Act. Under this section, a person is prohibited from making a statement that the person knows or reasonably should know is a misrepresentation. Persons making representations regarding the listing and posting or quotation of securities continue to be subject to the restriction in section 50(1)(d) of the Act.
For issuers that are only reporting issuers in BC:
See BC Instrument 11-502 Voluntary Surrender of Reporting Issuer Status. This notice must be filed on SEDAR+.
Reporting issuers in more than one jurisdiction in Canada may apply for an order under Section 88 of the Securities Act. Issuers should refer to National Policy 11-206 Process for Cease to be Reporting Issuer Applications for guidance. The application must be filed on SEDAR+.
You can search in eServices for examples (follow the instructions to research exemption orders). You can also search in SEDAR+ for examples of decisions made on applications filed after launch of SEDAR+ (follow the instructions to research exemption orders). The applicable filing fee is $1000.00.
BC Policy 12-601 Designation as a Reporting Issuer (Extraprovincial Issuers), sets out guidelines for an application to the BCSC for an order designating an issuer as a reporting issuer under s. 3.2 of the Securities Act. An issuer may also apply for a designation order in certain other circumstances where there is sufficient alternate disclosure available to investors. See eServices for examples (follow the instructions to research exemption orders). You can also search in SEDAR+ for examples of decisions made on applications filed after launch of SEDAR+ (follow the instructions to research exemption orders). The application must be filed using SEDAR+. The applicable filing fee is $4500.00.
The fee is $4500.00 for most exemptive relief applications, and $1000.00 for some applications, payable to the BCSC. Section 22 (15) and (15.1) of the Securities Regulation describes which applications require the $4500.00 fee and which applications require the $1000.00 fee.
If you require relief under a provision listed in section 22 (15.1) and a provision that is not listed in section 22 (15.1) the fee is $4500.00.
No, there is no additional fee for an expedited review. However, expedited reviews should only be requested in "exceptional circumstances". If you are unsure if your circumstances qualify as exceptional, you may contact BCSC Inquiries at 604-899-6854 or toll free at 1-800-373-6393 or by email inquiries@bcsc.bc.ca. If the matter relates to registration, an exchange, or a marketplace, ask to speak to Capital Markets Regulation. For corporate finance matters, ask to speak to legal counsel in Corporate Finance.
You can find recent local orders and decisions made by the BCSC on our website. You can view the list in chronological order or research exemption orders by the type of exemption in BCSC eServices. You can find decisions made by other Canadian jurisdictions on their websites or through CANLII at www.canlii.org or Quicklaw. Other jurisdictions' websites can be accessed from the Securities Industry Links page.
Following launch of SEDAR+, applications for relief from issuer regulations must be filed on SEDAR+. You can search SEDAR+ for exemption orders made on applications filed on SEDAR+.
Our goal is to make a decision within 20 business days from the date we receive the application, unless the application raises novel policy issues. It may take more or less time, depending on how complete your application is, how quickly comments are resolved, and how well the order or decision is drafted.
In B.C., the fee for filing a local, passport, dual or coordinated review application is either $4500.00 or $1000.00 depending on the exemption you are seeking. See section 22(15) and (15.1) of the Securities Regulation. You must pay by cheque to be sent to:
701 West Georgia Street
P.O. Box 10142, Pacific Centre
Vancouver, BC V7Y 1L2
You are only required to pay the fee in the principal jurisdiction where you are making the application. You can check with the relevant jurisdictions to determine their fees. Other jurisdictions' websites can be accessed from the Securities Industry Links page.
You are required to file the application and pay the fee in the principal jurisdiction and with the Ontario Securities Commission. You can check with the relevant jurisdictions to determine their fees. Other jurisdictions' websites can be accessed from the Securities Industry Links page.
Yes, you are required to file the coordinated review application and pay the fee in every jurisdiction where you require relief. You can check with the relevant jurisdictions to determine their fees. Other jurisdictions' websites can be accessed from the Securities Industry Links page.
NP 11-203 establishes a process for filing applications in multiple jurisdictions. In some cases, NP 11-203 allows you to deal with one regulator and receive one decision that will, in effect, apply in all of the jurisdictions where relief would otherwise be required. You only need to file the application with your principal regulator and pay the principal regulator's fee. In other words, NP 11-203 allows you to deal with one regulator and receive one decision from all of the jurisdictions at one time. This should reduce your costs and avoid duplication. While NP 11-203 is not mandatory, if you do not use NP 11-203, you must file your application and pay fees in each jurisdiction where you require relief. In addition you will have to deal with each regulator separately and will receive separate local orders from each regulator.
Section 8.5 of NP 11-203 sets out the form of decision document for each type of application filed under NP 11-203.
Electronic versions of the Securities Act and Securities Rules are available at Act, Regulations and Rules. Our instruments and policies are available on the Instruments & Policies section of our website.
NP 11-203 is located in the Instruments, Policies & Notices section.