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20.05.2020 20:53:00
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Temporary relief from certain regulatory filings available to investment funds and non-investment fund issuers due to COVID-19
TORONTO, May 20, 2020 /CNW/ - 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.
For inquiries about filings for non-investment fund issuers:
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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Leslie Milroy Senior Legal Counsel, Corporate Finance Ontario Securities Commission 416-596-4272 lmilroy@osc.gov.on.ca
| Tim Robson Manager, Legal, Corporate Finance Alberta Securities Commission 403-355-6297 timothy.robson@asc.ca
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Jan Mazur Alberta Securities Commission
| Jody-Ann Edman Manager, Financial Reporting jedman@bcsc.bc.ca |
Martin Latulippe Director, Continuous Disclosure martin.latulippe@lautorite.qc.ca
| Wayne Bridgeman, CPA, CGA Deputy Director, Corporate Finance 204-945-4905 wayne.bridgeman@gov.mb.ca
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Heather Kuchuran, CPA, CA, CFA Deputy Director, Corporate Finance Financial and Consumer Affairs Authority of Saskatchewan 306-787-1009 heather.kuchuran@gov.sk.ca
| Rebecca Atkinson Financial and Consumer Services rebecca.atkinson@fcnb.ca |
Abel Lazarus Director, Corporate Finance Nova Scotia Securities Commission abel.lazarus@novascotia.ca
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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 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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Stephanie Tjon Senior Legal Counsel, Investment Funds and Structured Products Branch Ontario Securities Commission 416-593-3655 stjon@osc.gov.on.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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Jason Alcorn Senior Legal Counsel and Special Advisor to the Executive Director Financial and Consumer Services Commission, New Brunswick 506-643-7857 jason.alcorn@fcnb.ca
Chad Conrad Legal Counsel, Corporate Finance Alberta Securities Commission 403-297-4295 chad.conrad@asc.ca | Patrick Weeks Corporate Finance Analyst Manitoba Securities Commission 204-945-3326 patrick.weeks@gov.mb.ca
Donna Gouthro Senior Securities Analyst Nova Scotia Securities Commission 902-424-7077 donna.gouthro@novascotia.ca |
Michael Wong Securities Analyst Corporate Finance British Columbia Securities Commission 604-899-6852 mpwong@bcsc.bc.ca |
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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