Perhaps, but I believe it's true for the particular model and year of SV650 that the original poster has.
You (owner of bike) can't be held responsible for something that the OEM (manufacturer of bike) built and declared that it conforms to CMVSS. If you modify said OEM bike, now you ARE responsible.
The license plate arrangement of that bike in the photo above, is subject to interpretation as to whether it meets Ontario's HTA requirements. But, if you get a ticket for it, your defense is "That's the way the manufacturer built it, I have not modified it in any way, and here's a picture of the declaration on the registration label of the bike that says it meets Federal CMVSS requirements."
If you build something yourself - even if it is functionally EXACTLY THE SAME as the photo above - now YOU are responsible and you cannot use the sentence above in court. The OEM CMVSS declaration is no longer valid because you modified it. Then it comes down to what's written in black and white in the Ontario legislation. And for that ... the tire obstructs part of the license plate when viewed from the offside rear, as shown in the photo above. GUILTY.
By the way, a good many small SUV's that have the OEM spare tire location on the tailgate have the same situation as above - the spare tire blocks the license plate when viewed from the offside rear at a sufficient angle, contravening the black-and-white requirements in HTA. But, again, the situation is the same: "That's the way the manufacturer built it, they certified that it meets CMVSS requirements, it's not my problem, go after Nissan/Toyota/etc if you have a problem with it!"