The Canadian Securities Administrators (CSA) announced Thursday that the body is issuing a 45-day extension for certain regulatory filings required on or before June 1 due to the impact of the coronavirus (COVID-19) on markets.
The blanket relief covers financial statements, management's discussion and analysis, management reports of fund performance, annual information forms, technical reports and certain other filings.
"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," CSA Chair Louis Morisset said in a statement. "We remain focused on investor protection as we adjust our regulatory expectations during this trying time."
Investors who take advantage of the extension will not need to file applications for management cease trade orders as they will not be noted in default, CSA said.
Additionally, the CSA expressed its support of issuers choosing to hold virtual security holder meetings in order to practice social distancing. The organization plans to release additional guidance regarding any changes to annual general meetings as soon as possible.
CSA staff is in contact with the Investment Industry Regulatory Organization of Canada (IIROC), which has direct oversight responsibilities for trading surveillance. The IIROC has confirmed that volatility controls are functioning as expected amid temporary pausing declines, while still allowing price discovery to continue.
The CSA, the council of the securities regulators of Canada's provinces and territories, co-ordinates and harmonizes regulation for Canadian capital markets.
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