Canadian securities regulators to provide blanket relief for market participants due to COVID-19
Toronto – In light of recent COVID-19 developments and their impact on market
participants, the Canadian Securities Administrators (CSA) will provide
temporary relief from some regulatory filings required to be made on or before
June 1, 2020.
The blanket relief will provide a 45-day extension
for periodic filings normally required to be made by issuers, investment funds,
registrants, certain regulated entities and designated rating organizations on
or before June 1, 2020. This will include financial statements, management’s
discussion and analysis, management reports of fund performance, annual
information forms, technical reports, and certain other filings.
Issuers
choosing to rely on this exemption and that are complying with the conditions
of the relief will not need to file applications for management cease trade
orders as they will not be noted in default.
The
CSA expects to publish further details about the relief shortly.
“The
CSA is ready to take action where necessary to ensure market participants have
the flexibility they need to focus on critical business decisions while
managing risks to their employees, investors, customers and other
stakeholders,” said Louis Morisset, CSA Chair and President and CEO of the
Autorité des marchés financiers. “We remain focused on investor protection as
we adjust our regulatory expectations during this trying time.”
The
CSA is also aware that some issuers are considering virtual securityholder meetings
as a result of social distancing measures. The CSA is supportive of measures
issuers are taking to mitigate the risk of transmission and will publish
guidance on making changes to annual general meetings as soon as possible. In
the meantime, issuers can contact their principal regulator with any questions
or concerns.
Finally,
all CSA proposals currently out for comment will have their comment periods
extended by 45 days.
As
the COVID-19 situation evolves, the CSA will adapt its response as necessary to
ensure that market participants have the guidance they need, and markets
continue to be fair and efficient despite recent volatility.
CSA
Staff are in continuous dialogue with the Investment Industry Regulatory
Organization of Canada (IIROC), which has direct oversight responsibilities for
trading surveillance. IIROC has confirmed volatility controls are functioning
as expected in temporarily pausing declines while still allowing orderly price
discovery to continue.
We
will continue to monitor market developments as the situation changes.
The CSA, the council of the securities regulators
of Canada’s provinces and territories, co- ordinates and harmonizes regulation
for the Canadian capital markets.
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For inquiries about filings for issuers, other than investment funds:
Michael Bennett |
Matthew Au |
Jan Mazur |
Tim Robson |
Martin Latulippe |
Jody-Ann Edman |
Heather Kuchuran, CPA, CA, CFA |
Wayne Bridgeman, CPA, CGA |
Abel Lazarus |
Rebecca Atkinson |
For inquiries about filings for investment funds:
Ritu D. Kalra CPA, CA, CFA |
Louis-Martin Ouellet
|
|
Jason Alcorn |
Heather Kuchuran, CPA, CA, CFA |
|
Chad Conrad |
|
For inquiries about filings for registrants:
Anita Chung, CPA, CA, CFE |
Mark French |
Wendy Morgan |
Liz Kutarna, Deputy Director, Capital Markets Securities Division |
Paula White |
Sue Henderson Deputy Director, Registrations Manitoba Securities Commission |
Ashley Lee |
|
For inquiries about filings for regulated entities:
Chris Byers |
Claude Gatien |
Doug MacKay |
Paula White |
Sonne Udemgba, Deputy Director |
Paula Kaner Manager |
For media inquiries, please refer to the list of provincial and territorial representatives below or contact us at media@acvm-csa.ca.
For more information:
Kristen Rose Ontario Securities Commission 416-593-2336 |
Hilary McMeekin |
Brian Kladko |
Sylvain Théberge |
Jason (Jay) Booth |
Shannon McMillan
|
Sara Wilson
|
Steve Dowling |
David Harrison |
Jeff Mason |
Renée Dyer |
Tom Hall |
Rhonda Horte |
|