Canadian securities regulators to provide blanket relief for market participants due to COVID-19
For Immediate Release CSA
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.
For inquiries about filings for issuers, other than investment funds:
Michael Bennett
Senior Legal Counsel, Corporate Finance
Ontario Securities Commission
416-593-8079
[email protected]
Jan Mazur
Team Lead, Statutory Filings
Alberta Securities Commission
403-297-2091
[email protected]
Martin Latulippe
Director, Continuous Disclosure
Autorité des marchés financiers
514-395-0337 ext. 4331
[email protected]
Heather Kuchuran, CPA, CA, CFA
Deputy Director, Corporate Finance
Financial and Consumer Affairs
Authority of Saskatchewan
306-787-1009
[email protected]
Abel Lazarus
Director, Corporate Finance
Nova Scotia Securities Commission
902-424-6859
[email protected]
Matthew Au
Senior Accountant, Corporate Finance
Ontario Securities Commission
416-593-8132
[email protected]
Tim Robson
Manager, Legal, Corporate Finance
Alberta Securities Commission
403-355-6297
[email protected]
Jody-Ann Edman
Manager, Financial Reporting
British Columbia Securities Commission
604-899-6698
[email protected]
Wayne Bridgeman, CPA, CGA
Deputy Director, Corporate Finance
Manitoba Securities Commission
204-945-4905
[email protected]
Rebecca Atkinson
Senior Legal Counsel
Financial and Consumer Services
Commission, New Brunswick
506-658-3038
[email protected]
For inquiries about filings for investment funds:
Ritu D. Kalra CPA, CA, CFA
Senior Accountant,
Investment Funds & Structured Products Branch
Ontario Securities Commission
416-593-8063
[email protected]
Jason Alcorn
Senior Legal Counsel and Special
Advisor to the Executive Director
Financial and Consumer Services Commission,
New Brunswick
506-643-7857
[email protected]
Chad Conrad
Legal Counsel, Corporate Finance
Alberta Securities Commission
403-297-4295
[email protected]
Louis-Martin Ouellet
Acting Director, Investment Funds Oversight
Autorité des marchés financiers
514-395-0337 ext. 4496
[email protected]
Heather Kuchuran, CPA, CA, CFA
Deputy Director, Corporate Finance
Financial and Consumer Affairs
Authority of Saskatchewan
306-787-1009
[email protected]
Patrick Weeks
Corporate Finance Analyst
Manitoba Securities Commission
204-945-3326
[email protected]
For inquiries about filings for registrants:
Anita Chung, CPA, CA, CFE
Registration Accountant,
Compliance & Registrant Regulation
Ontario Securities Commission
416-593-8131
[email protected]
Wendy Morgan
Deputy Director, Securities
Financial and Consumer Services Commission,
New Brunswick
506-643-7202
[email protected]
Paula White
Deputy Director, Compliance and Oversight
Manitoba Securities Commission
204-945-5195
[email protected]
Ashley Lee
Regulatory Analyst, Registrant Regulation
Alberta Securities Commission
403-297-4009
[email protected]
Mark French
Manager, Registration & Dealer Compliance
British Columbia Securities Commission
604-899-6856
[email protected]
Liz Kutarna, Deputy Director,
Capital Markets Securities Division
Financial and Consumer Affairs Authority
306-787-5871
[email protected]
Sue Henderson
Deputy Director, Registrations
Manitoba Securities Commission
204-945-1600
[email protected]
For inquiries about filings for regulated entities:
Chris Byers
Senior Legal Counsel, Market Regulation
Ontario Securities Commission
416-593-2350
[email protected]
Doug MacKay
Manager, Market and SRO Oversight
British Columbia Securities Commission
604-899-6609
[email protected]
Sonne Udemgba, Deputy Director
Legal, Securities Division
Financial and Consumer Affairs Authority
306-787-5879
[email protected]
Claude Gatien
Advisor, Strategic Initiatives
Autorité des marchés financiers
514-395-0337 ext, 4341
[email protected]
Paula White
Deputy Director, Compliance and Oversight
Manitoba Securities Commission
204-945-5195
[email protected]
Paula Kaner Manager
Market Oversight
Alberta Securities Commission
403-355-6290
[email protected]
For media inquiries:
Please refer to the list of provincial and territorial representatives below or contact us at [email protected].
For more information:
Kristen Rose
Ontario Securities Commission
416-593-2336
Brian Kladko
British Columbia Securities Commission
604-899-6713
Jason (Jay) Booth
Manitoba Securities Commission
204-945-1660
Sara Wilson
Financial and Consumer Services
Commission, New Brunswick
506-643-7045
David Harrison
Nova Scotia Securities Commission
902-424-8586
Renée Dyer
Office of the Superintendent of Securities
Newfoundland and Labrador
709-729-4909
Rhonda Horte
Office of the Yukon Superintendent
of Securities
867-667-5466
Hilary McMeekin
Alberta Securities Commission
403-592-8186
Sylvain Théberge
Autorité des marchés financiers
514-940-2176
Shannon McMillan
Financial and Consumer Affairs
Authority of Saskatchewan
306-798-4160
Steve Dowling
Government of Prince Edward Island,
Superintendent of Securities
902-368-4550
Jeff Mason
Nunavut Securities Office
867-975-6591
Tom Hall
Office of the Superintendent of Securities
Northwest Territories
867-767-9305