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Canadian securities regulators to provide blanket relief for market participants due to COVID-19

Canadian securities regulators to provide blanket relief for market participants due to COVID-19

Canadian securities regulators to provide blanket relief for market participants due to COVID-19

Canada NewsWire

TORONTO, March 18, 2020 /CNW/ - 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.

For inquiries about filings for issuers, other than investment funds:

 

For inquiries about filings for investment funds:

 

For inquiries about filings for registrants:

 

For inquiries about filings for regulated entities:

 

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:

 

SOURCE Canadian Securities Administrators

Michael Bennett

Senior Legal Counsel, Corporate Finance
Ontario Securities Commission
416-593-8079

mbennett@osc.gov.on.ca

 

Matthew Au

Senior Accountant, Corporate Finance

Ontario Securities Commission

416-593-8132

mau@osc.gov.on.ca

 

Jan Mazur 
Team Lead, Statutory Filings

Alberta Securities Commission
403-297-2091
jan.mazur@asc.ca

 

Tim Robson

Manager, Legal, Corporate Finance

Alberta Securities Commission

403-355-6297

timothy.robson@asc.ca

 

Martin Latulippe

Director, Continuous Disclosure
Autorité des marchés financiers
514-395-0337 ext. 4331

martin.latulippe@lautorite.qc.ca

 

Jody-Ann Edman

Manager, Financial Reporting
British Columbia Securities Commission
604-899-6698

jedman@bcsc.bc.ca

Heather Kuchuran, CPA, CA, CFA

Deputy Director, Corporate Finance

Financial and Consumer Affairs

Authority of Saskatchewan

306-787-1009

heather.kuchuran@gov.sk.ca

 

Wayne Bridgeman, CPA, CGA

Deputy Director, Corporate Finance
Manitoba Securities Commission

204-945-4905

wayne.bridgeman@gov.mb.ca

Abel Lazarus

Director, Corporate Finance

Nova Scotia Securities Commission
902-424-6859

abel.lazarus@novascotia.ca

 

Rebecca Atkinson
Senior Legal Counsel

Financial and Consumer Services
Commission, New Brunswick
506-658-3038

rebecca.atkinson@fcnb.ca

Ritu D. Kalra CPA, CA, CFA

Senior Accountant, Investment Funds and
Structured Products Branch

Ontario Securities Commission

416-593-8063

rkalra@osc.gov.on.ca

 

Louis-Martin Ouellet

Acting Director, Investment Funds Oversight

Autorité des marchés financiers

514-395-0337 ext. 4496

louis-martin.ouellet@lautorite.qc.ca

 

 

Jason Alcorn

Senior Legal Counsel and Special Advisor to
the Executive Director

Financial and Consumer Services Commission,
New Brunswick

506-643-7857

jason.alcorn@fcnb.ca            

 

Heather Kuchuran, CPA, CA, CFA

Deputy Director, Corporate Finance

Financial and Consumer Affairs

Authority of Saskatchewan

306-787-1009

heather.kuchuran@gov.sk.ca

 

Chad Conrad

Legal Counsel, Corporate Finance

Alberta Securities Commission

403-297-4295

chad.conrad@asc.ca


Anita Chung, CPA, CA, CFE

Registration Accountant, Compliance &
Registrant Regulation

Ontario Securities Commission

416-593-8131

achung@osc.gov.on.ca

 

Mark French

Manager, Registration & Dealer Compliance

British Columbia Securities Commission

604-899-6856

mfrench@bcsc.bc.ca

Wendy Morgan

Deputy Director, Securities

Financial and Consumer Services Commission,
New Brunswick

506-643-7202

wendy.morgan@fcnb.ca

 

Liz Kutarna, Deputy Director, Capital Markets
Securities Division

Financial and Consumer Affairs Authority

306-787-5871

liz.kutarna@gov.sk.ca     

 

Paula White

Deputy Director, Compliance and Oversight
Manitoba Securities Commission

204-945-5195

paula.white@gov.mb.ca

 

Sue Henderson Deputy Director, Registrations
Manitoba Securities Commission

204-945-1600

sue.henderson@gov.mb.ca

 

Ashley Lee

Regulatory Analyst, Registrant Regulation
Alberta Securities Commission

403-297-4009

ashley.Lee@asc.ca


Chris Byers

Senior Legal Counsel, Market Regulation

Ontario Securities Commission

416-593-2350

cbyers@osc.gov.on.ca

 

Claude Gatien

Advisor, Strategic Initiatives

Autorité des marchés financiers

514-395-0337 ext, 4341
claude.gatien@lautorite.qc.ca

 

Doug MacKay

Manager, Market and SRO Oversight

British Columbia Securities Commission

604-899-6609

dmackay@bcsc.bc.ca

 

Paula White

Deputy Director, Compliance and Oversight
Manitoba Securities Commission

204-945-5195

paula.white@gov.mb.ca

 

Sonne Udemgba

Deputy Director Legal, Securities Division

Financial and Consumer Affairs Authority

306-787-5879

sonne.udemgba@gov.sk.ca

 

Paula Kaner

Manager, Market Oversight

Alberta Securities Commission

403-355-6290

paula.kaner@asc.ca

 

Kristen Rose
Ontario Securities Commission
416-593-2336

 

Hilary McMeekin
Alberta Securities Commission
403-592-8186

Brian Kladko
British Columbia Securities Commission
604-899-6713

 

Sylvain Théberge
Autorité des marchés financiers
514-940-2176

Jason (Jay) Booth
Manitoba Securities Commission
204-945-1660

Shannon McMillan
Financial and Consumer Affairs
Authority of Saskatchewan

306-798-4160

 

 

Sara Wilson
Financial and Consumer Services
Commission, New Brunswick
506-643-7045

 

 

Steve Dowling
Government of
Prince Edward Island,
Superintendent of Securities
902-368-4550

 

David Harrison
Nova Scotia Securities Commission
902-424-8586

Jeff Mason

Nunavut Securities Office

867-975-6591

 

Renée Dyer
Office of the Superintendent
of Securities
Newfoundland and Labrador
709-729-4909

Tom Hall
Office of the Superintendent
of Securities
Northwest Territories
867-767-9305

 

Rhonda Horte
Office of the Yukon Superintendent
of Securities
867-667-5466