As a result of the coronavirus pandemic, on Wednesday the Canadian Securities Administrators (CSA) published two blanket orders, providing temporary relief from certain regulatory filings and delivery obligations for investment funds and non-investment fund issuers.
In particular, the new orders are essentially the same as the temporary relief that was introduced in March by the CSA, which represents the securities regulators from each of the 10 provinces and 3 territories in Canada.
However, the new orders are only applicable to issuers and investment funds with filing deadlines from the 2nd of June 2020 until the 30th of September 2020. For those who fit the criteria, they will have a 60-day extension for certain filing and delivery obligations.
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Non-investment fund issuers, on the other hand, will receive a 45-day extension for certain obligations due within the period spanning from the 2nd of June 2020 until the 31st of August 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,” the statement said.
“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.”
Regulators respond to COVID-19
Canadian regulators are not alone in their efforts to try and support financial companies during COVID-19. As Finance Magnates reported, the Financial Conduct Authority (FCA) allowed a delay in the publication of audited annual financial reports from 4 to 6 months from the end of the financial year. This is meant to be a temporary measure, while the United Kingdom deals with the challenges and disruption caused by COVID-19.