The Canadian Securities Administrators (CSA) announced on March 18, 2020 will provide temporary relief from some regulatory filings required to be made on or before June 1, 2020 in light of recent COVID-19 developments and their impact on market participants,
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 also announced that they are supportive of virtual securityholder meetings as a 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.”
For more information, please call Barbara Hendrickson at BAX Securities Law (416) 601 -1004.
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