CSA announces 45-day extension for regulatory filings due on or before June 1, 2020 and other announcements relating to COVID-19

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On March 18, 2020, the Canadian Securities Administrators (the “CSA”) announced via a press release that it will be implementing a blanket 45-day extension for certain continuous disclosure filings due on or before June 1, 2020.

This announcement comes on the heels of a similar announcement by the United States Securities and Exchange Commission. 

The extension will apply to continuous disclosure filings due on or before June 1, 2020 that are required from issuers, investment funds, registrants, certain regulated entities and designated rating organizations. The relief will apply to financial statements, management’s discussion and analysis, management reports of fund performance, annual information forms, technical reports and certain other filings.

Importantly, issuers seeking to rely on this extension are not required to apply for a management cease trader order as they will not be noted in default provided they comply with the conditions set out in the blanket relief. Management cease trade orders are, in the ordinary course, generally imposed on issuers who are seeking temporary relief from certain continuous disclosure requirements. The CSA has indicated it will be publishing further details about this blanket relief, including any conditions that may apply. We will report on any such conditions and other details the CSA announces in a subsequent post.

The CSA also announced that (i) all CSA proposals currently out for comment will have their comment periods extended by 45 days, and (ii) the CSA is supportive of measures issuers are taking to mitigate the risk of transmission of COVID-19, including virtual shareholder meetings and that further guidance will be provided shortly with respect to shareholder meeting practices.

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