As we have previously reminded our subscribers, registered firms have ongoing obligations under securities legislation to inform the OSC of certain changes to a firm or a registered individual’s information. Failure to notify the OSC within 10 calendar days of most of these changes can lead to a $100 late fee per day up to a maximum of $5,000 per year, going back two years ($10,000):
Click here to view table.
*The OSC has been imposing late filing fees for failure to disclose all outside activities of individuals (i.e., directors, officers, trustees, shareholders and other roles). If you are unsure what is considered an outside activity, please contact us for further analysis and potential filing.
Here is a copy of Appendix A of Companion Policy to National Instrument 33-109, summarizing the notice requirements, time periods and forms required to notify regulators of changes to a firm or individual’s registration information.