Asking for Relief
If a company is unable to comply with a requirement in securities legislation, it can apply for discretionary relief. Applications for relief are reviewed on a case-by-case basis. Whether or not relief is granted depends on the relevant facts and circumstances of the application. In the past, companies have applied for relief from the prospectus and registration requirements of the Securities Act (Ontario) or from requirements relating to preparing and filing continuous disclosure documents.
Companies should make an application before they need the relief to ensure there is sufficient time for the application to be considered.