The Ontario Securities Commission granted an extension to the Filers, allowing them more time to file a renewal prospectus for their continuous public offering of investor services related to condominium investment units. The original lapse date for the current prospectus was March 17, 2024, with a requirement to file a final prospectus by March 27, 2024, and receive a receipt by April 6, 2024. Due to ongoing discussions with OSC Staff that would not conclude in time, the Filers requested an extension of 71 days, effectively moving the lapse date to May 17, 2024.
The Filers, both Ontario corporations, are reporting issuers only in Ontario and are not in default of any securities legislation. They have not distributed securities under the current prospectus and will not do so until a receipt for the final prospectus is issued. The Commission determined that this extension would not be prejudicial to the public interest, as there have been no material changes in the Filers’ affairs since the current prospectus date, and any future material changes will be addressed through an amendment as required by law.
The decision is supported by subsection 62(5) of the Securities Act (Ontario) and National Instrument 41-101 General Prospectus Requirements, ensuring that the Filers comply with the necessary legal framework for the distribution of securities. The Commission’s decision allows the Filers to continue their offering process without distributing securities until the final prospectus is filed and approved.