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Securities regulators giving relief from some corporate filings due to COVID-19

March 18, 2020 - 4:02 PM

TORONTO - Canadian securities regulators say they are providing temporary relief from some required filings due to COVID-19.

The Canadian Securities Administrators (CSA) says it 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.

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 will not need to file applications for management cease trade orders as they will not be noted in default.

The CSA says it supports issuers that are considering virtual annual meetings to mitigate the risk of transmission and will soon publish guidance.

And all CSA proposals currently out for comment will have their comment periods extended by 45 days.

"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 chairman and head of Quebec's Autorite des marches financiers.

"We remain focused on investor protection as we adjust our regulatory expectations during this trying time."

This report by The Canadian Press was first published March 18, 2020.

News from © The Canadian Press, 2020
The Canadian Press

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