The Filers, a U.K. listed parent company and its Canadian wholly-owned subsidiary, applied for exemptive relief from continuous disclosure, corporate governance, certification, audit committee, and insider reporting requirements under various National Instruments and the Securities Act.
The subsidiary had issued debt securities fully guaranteed by the parent, but could not rely on the standard credit support issuer exemption because the parent was not an SEC issuer.
The Ontario Securities Commission, as principal regulator, granted the requested relief subject to conditions substantially analogous to the credit support issuer exemption, including that the parent comply with U.K. disclosure requirements and file its U.K. disclosure documents in Canada.