Further to amendments to National Instrument 33-109 Registration Information (NI 33-109) on January 11 of this year, the Form 33-109F4 Registration of Individuals and Review of Permitted Individuals (F4) was amended and sets out that registered and permitted individuals (representatives) must disclose other business activities (OBA) relating to all officer, director or equivalent positions held, and all positions of influence, whether or not one receives compensation and whether or not the position is business related.

Companion Policy 31-103CP Registration Requirements, Exemptions and Ongoing Registrant Obligations (31-103CP) was also amended on January 11 and provides further guidance on OBA disclosure.

The above amendments have clarified the CSA’s long-standing expectation on OBA disclosure. Recognizing that previously existing OBAs have not been disclosed, the OSC is providing registrants with an opportunity to “catch up” on overdue OBA filings and willing to consider a reduction in late filing fees if the OBA does not affect a representative’s suitability for registration.

In order to qualify for a reduction of late fees, a completed Form 33-109F5, updating item 10 of the F4 relating to OBAs, must be submitted via the National Registration Database by no later than March 27, 2015.

A completed Form 13-705F1 Application for Reduced Late Fee Relief – Outside Business Activities must be submitted to the OSC by March 27, 2015 in order to be considered for relief from the late fees normally imposed, i.e. $100 per business day filing is late, subject to a maximum aggregate late fee of $5,000 for all documents required to be filed or delivered by a registered firm in a calendar year.

See OSC Staff Notice 13-705 Reduced Late Fee for Certain Outside Business Activities Filings for further details on eligibility criteria and the late fee relief application process.