Temporary relief from certain regulatory filings available to investment funds and non-investment fund issuers due to COVID-19
For Immediate Release CSA
Toronto – The Canadian Securities Administrators (CSA) today published two blanket orders that provide investment funds and non-investment fund issuers with temporary relief from certain regulatory filings and delivery obligations, as a result of the COVID-19 pandemic. The conditions of the relief are substantially the same as the temporary relief announced on March 23 (prior relief), but the relief is only applicable to issuers and investment funds with filing deadlines in the periods described below.
For investment funds, the blanket relief provides a 60-day extension for certain filing, delivery and prospectus renewal obligations normally required to be made during the period from June 2, 2020 to September 30, 2020.
For non-investment fund issuers, the blanket relief provides a 45-day extension for certain filing, delivery and base shelf prospectus renewal obligations normally due or required to be made during the period from June 2, 2020 to August 31, 2020.
Investment funds and non-investment fund issuers that have already used the prior relief to extend any filing, delivery and prospectus renewal deadline occurring on or before June 1, 2020 cannot use this relief to further extend the deadline.
Additionally, to rely on the relief, non-investment fund issuers must issue a news release before the required filing deadline and comply with other conditions. Issuers and their counsel are encouraged to review the respective orders to ensure compliance with these conditions.
CSA members will consider applications for a management cease trade order (MCTO) by non-investment fund issuers that took advantage of the prior relief and are unable to comply with their filing or delivery obligations by their extended deadline, but anticipate being able to comply shortly thereafter. CSA members will likely reduce the usual period of an MCTO to take into account the 45-day extension. An MCTO restricts certain officers and directors from trading and may be issued by a regulator instead of a failure-to-file cease trade order. Conditions for granting an MCTO are provided in National Policy 12-203 Management Cease Trade Orders (NP 12-203). If an MCTO is issued, the issuer must comply with alternative information guidelines, as provided in NP 12-203, until the required documents are filed.
The CSA is implementing the relief through local blanket orders that are substantially harmonized across the country. Market participants can view these orders on CSA members’ websites and are encouraged to contact their principal regulator with any questions.
Staff contacts for investment funds and non-investment fund issuers are included below.
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 non-investment fund issuers:
Michael Bennett
Senior Legal Counsel, Corporate Finance
Ontario Securities Commission
416-593-8079
[email protected]
Matthew Au
Senior Accountant, Corporate Finance
Ontario Securities Commission
416-593-8132
[email protected]
Leslie Milroy
Senior Legal Counsel, Corporate Finance
Ontario Securities Commission
416-596-4272
[email protected]
Tim Robson
Manager, Legal, Corporate Finance
Alberta Securities Commission
403-355-6297
[email protected]
Jan Mazur
Team Lead, Statutory Filings
Alberta Securities Commission
403-297-2091
[email protected]
Jody-Ann Edman
Manager, Financial Reporting
British Columbia Securities Commission
604-899-6698
[email protected]
Martin Latulippe
Director, Continuous Disclosure
Autorité des marchés financiers
514-395-0337 ext. 4331
[email protected]
Wayne Bridgeman, CPA, CGA
Deputy Director, Corporate Finance
Manitoba Securities Commission
204-945-4905
[email protected]
Heather Kuchuran, CPA, CA, CFA
Deputy Director, Corporate Finance
Financial and Consumer Affairs
Authority of Saskatchewan
306-787-1009
[email protected]
Rebecca Atkinson
Senior Legal Counsel
Financial and Consumer Services
Commission, New Brunswick
506-658-3038
[email protected]
Abel Lazarus
Director, Corporate Finance
Nova Scotia Securities Commission
902-424-6859
[email protected]
For inquiries about filings for investment funds:
Ritu D. Kalra CPA, CA, CFA
Senior Accountant, Investment Funds and Structured Products Branch
Ontario Securities Commission
416-593-8063
[email protected]
Louis-Martin Ouellet
Acting Director, Investment Funds Oversight
Autorité des marchés financiers
514-395-0337 ext. 4496
[email protected]
Stephanie Tjon
Senior Legal Counsel,
Investment Funds and Structured Products Branch
Ontario Securities Commission
416-593-3655
[email protected]
Heather Kuchuran, CPA, CA, CFA
Deputy Director, Corporate Finance
Financial and Consumer Affairs
Authority of Saskatchewan
306-787-1009
[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]
Patrick Weeks
Corporate Finance Analyst
Manitoba Securities Commission
204-945-3326
[email protected]
Chad Conrad
Legal Counsel, Corporate Finance
Alberta Securities Commission
403-297-4295
[email protected]
Donna Gouthro
Senior Securities Analyst
Nova Scotia Securities Commission
902-424-7077
[email protected]
Michael Wong
Securities Analyst Corporate Finance
British Columbia Securities Commission
604-899-6852
[email protected]
For media inquiries, please refer to the list of provincial and territorial representatives below or contact us at [email protected].
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