TORONTO – The Ontario Securities Commission (OSC) today published an updated Service Commitment for prospectus filings. Given the current level of market activity, the OSC will return to the prior services standards for prospectus reviews on January 9, 2023, in advance of the full review of the Service Commitment for the next fiscal year.

Effective January 9, 2023, Issuers can expect the OSC to review the materials and issue an initial comment letter for:

• a simplified prospectus and long form prospectus within 10 working days,
• a short form or shelf prospectus within three working days, and
• an amendment to a short form or shelf prospectus before the OSC issues a comment letter, within three working days.

As outlined in our Service Commitment, our standard is to meet these timelines for 80% or more of all filings received.

As described in the 2022 Corporate Finance Branch Annual Report, we have made changes to expand the scope of our confidential prospectus pre-filing program for non-investment fund issuers, including to provide for flexibility for the prefiling of shelf prospectuses and, in certain circumstances, greater flexibility on the financial statements to be included for the pre-filing of prospectuses for initial public offerings. The target for issuing the first comment on a long form prospectus will apply to all confidentially filed prospectuses.

On December 7, 2021, the OSC announced temporary expanded service timelines related to reviews of prospectuses in response to a significant and persistent increase in prospectus filing volumes. On June 28, 2022, these changes were extended. Given the current level of market activity, the OSC will return to the prior services standards for prospectus reviews on January 9, 2023, in advance of the full review of the Service Commitment for the next fiscal year.

The mandate of the OSC is to provide protection to investors from unfair, improper or fraudulent practices, to foster fair, efficient and competitive capital markets and confidence in the capital markets, to foster capital formation, and to contribute to the stability of the financial system and the reduction of systemic risk.

Investors are urged to check the registration of any persons or company offering an investment opportunity and to review the OSC investor materials available at https://www.osc.ca.

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