OSC extends investment fund repo exemption by 18 months
Without this extension, the clock would have run out. The original blanket order was due to expire January 24, 2027, and under Ontario law it can’t simply renew itself. Left alone, that gap would have put funds under Ontario’s watch at a disadvantage, since equivalent blanket orders in other provinces stay in effect with no expiry date at all. The OSC flagged this as exactly the kind of unlevel playing field the extension is meant to avoid.
The new rule pushes the relief out to July 24, 2028. Any investment fund with exposure to Canadian-dollar money markets or fixed income securities can keep leaning on the CTRF as a liquidity backstop if conditions get rough.
Because this rule can’t be extended again once it expires, the OSC published it alongside a separate CSA proposal aimed at making the relief permanent instead of temporary.
One step remains. The OSC handed the rule to Ontario’s Minister of Finance on or about September 17, 2026. The minister can approve it, reject it, or send it back for another look. Assuming approval, or no action at all, the rule takes effect January 24, 2027 – the same day the current exemption would otherwise have run out.
For fund managers, the upshot is straightforward: the compliance relief you’ve operated under since mid-2025 isn’t going anywhere. There’s no gap to plan around, and no scramble needed if the Bank of Canada ever pulls the CTRF lever.
