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18.03.2020 22:59:00
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Canadian securities regulators to provide blanket relief for market participants due to COVID-19
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:
Michael Bennett Senior Legal Counsel, Corporate Finance mbennett@osc.gov.on.ca
| Matthew Au Senior Accountant, Corporate Finance Ontario Securities Commission 416-593-8132 mau@osc.gov.on.ca
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Jan Mazur Alberta Securities Commission
| Tim Robson Manager, Legal, Corporate Finance Alberta Securities Commission 403-355-6297 timothy.robson@asc.ca
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Martin Latulippe Director, Continuous Disclosure martin.latulippe@lautorite.qc.ca
| Jody-Ann Edman Manager, Financial Reporting 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 204-945-4905 wayne.bridgeman@gov.mb.ca |
Abel Lazarus Director, Corporate Finance Nova Scotia Securities Commission abel.lazarus@novascotia.ca
| Rebecca Atkinson Financial and Consumer Services rebecca.atkinson@fcnb.ca |
For inquiries about filings for investment funds:
Ritu D. Kalra CPA, CA, CFA Senior Accountant, Investment Funds and 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
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Jason Alcorn Senior Legal Counsel and Special Advisor to Financial and Consumer Services Commission, 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
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Chad Conrad Legal Counsel, Corporate Finance Alberta Securities Commission 403-297-4295 chad.conrad@asc.ca |
For inquiries about filings for registrants:
Anita Chung, CPA, CA, CFE Registration Accountant, Compliance & 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, 506-643-7202 wendy.morgan@fcnb.ca
| Liz Kutarna, Deputy Director, Capital Markets Financial and Consumer Affairs Authority 306-787-5871 liz.kutarna@gov.sk.ca
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Paula White Deputy Director, Compliance and Oversight 204-945-5195 paula.white@gov.mb.ca
| Sue Henderson Deputy Director, Registrations 204-945-1600 sue.henderson@gov.mb.ca
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Ashley Lee Regulatory Analyst, Registrant Regulation 403-297-4009 ashley.Lee@asc.ca |
For inquiries about filings for regulated entities:
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
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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 204-945-5195 paula.white@gov.mb.ca
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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
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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
| Hilary McMeekin |
Brian Kladko
| Sylvain Théberge |
Jason (Jay) Booth | Shannon McMillan 306-798-4160
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Sara Wilson
| Steve Dowling
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David Harrison | Jeff Mason Nunavut Securities Office 867-975-6591
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Renée Dyer | Tom Hall
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Rhonda Horte |
SOURCE Canadian Securities Administrators
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