21-504 (Blanket Order) - In the Matter of Temporary Exemption from Certain Reporting Requirements for Regulated Entities Carrying on Business in Prince Edward Island

Securities Act
R.S.P.E.I. 1988, Cap-S-3.1

Document Type: Blanket Order
Document No: 21-504
Subject: In the Matter of Temporary Exemption from Certain Reporting Requirements for Regulated Entities Carrying on Business in Prince Edward Island 
Effective Date: March 23, 2020

BLANKET ORDER 21-504 

WHEREAS: 

1. The Superintendent is Securities has the authority to make exemption orders under provisions of the Securities Act (the “Act”), including orders of general application. 

2. The Superintendent acknowledges that the pandemic may present challenges for market participants in the meeting of certain obligations under securities legislation as a result of the current coronavirus disease 2019 (COVID-19) outbreak, which was declared a pandemic by the World Health Organization on March 11, 2020. 

3. As a result of the outbreak of COVID-19 and the resulting disruptions to travel, access to office facilities and availability of personnel and resources, Regulated Entities carrying on business in Prince Edward Island may face challenges in providing the Superintendent with documents and other information under various reporting requirements of securities legislation, including the documents and other information identified in Exhibit A to this order. 

4. The Superintendent is of the opinion that to order relief in these circumstances would not be prejudicial to the public interest.  

IT IS ORDERED: 

1. Terms defined in the Act or National Instrument 14-101 Definitions have the same meaning in this Instrument. 

2. In this Instrument: 

“Regulated Entity” means a marketplace, as defined in section 1.1 of National Instrument 21-101 Marketplace Operation, a clearing agency, as defined in subsection 1(1) of the Act, an information processor, as defined in section 1.1 of National Instrument 21-101 Marketplace Operation, and a trade repository, as defined under MI 96-101 Trade Repositories and Derivatives Data Reporting. 

3. Considering that to do so would not be prejudicial to the public interest, in light of the COVID-19 pandemic, to assist affected Regulated Entities with the meeting of their obligations under securities legislation and under recognition orders, exemptions from recognition orders, registration orders and exemptions from registration orders, the Superintendent orders, under section 16 of the Act, that any Regulated Entity carrying on business in Prince Edward Island that would be required to provide the Superintendent with a document or other information listed in Exhibit A, as applicable, between the date of this order and June 1, 2020 is exempt from the requirement, subject to the terms and conditions listed below.  

Terms and conditions 

4. A Regulated Entity required to provide the Superintendent with a document or other information listed in Exhibit A, as applicable, between the date of this order and June 1, 2020 must provide the Superintendent with the document or other information no later than 45 days after the original due date for the document or other information. 

5. For a document or other information listed in Exhibit A, a Regulated Entity required to provide the document or other information to the Superintendent between the date of this order and June 1, 2020 must disclose to the Superintendent when it provides the document or other information that it is relying on this order and state the reasons why it could not submit the document or other information by the original due date. 

6. This Order comes into effect on March 23, 2020.  

DATED at Charlottetown, Prince Edward Island, this 23rd day of March, 2020.