Canadian securities regulators to provide blanket relief for market participants due to COVID-19
CSA 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
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Jason Alcorn | Heather Kuchuran, CPA, CA, CFA |
Chad Conrad | Patrick Weeks |
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 |
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For inquiries about filings for regulated entities:
Chris Byers | Claude Gatien |
Doug MacKay | Paula White |
Sonne Udemgba | Paula Kaner |
For media inquiries, please refer to the list of provincial and territorial representatives below or contact us at [email protected].
For more information:
CSA member name | Point of contact | Phone number |
|---|---|---|
Autorité des marchés financiers | Sylvain Théberge | |
Alberta Securities Commission | Hilary McMeekin | |
British Columbia Securities Commission | Brian Kladko | |
Financial and Consumer Affairs, Authority of Saskatchewan | Shannon McMillan | |
Financial and Consumer Services Commission, New Brunswick | Sara Wilson | |
Government of Prince Edward Island, Superintendent of Securities | Steve Dowling | |
Manitoba Securities Commission | Jason (Jay) Booth | |
Nova Scotia Securities Commission | David Harrison | |
Nunavut Securities Office | Jeff Mason | |
Office of the Superintendent of Securities, Newfoundland and Labrador | Renée Dyer | |
Office of the Superintendent of Securities, Northwest Territories | Tom Hall | |
Office of the Yukon, Superintendent of Securities | Rhonda Horte | |
Ontario Securities Commission | Kristen Rose |