For Immediate Release
May 20, 2020

Temporary relief from certain regulatory filings available to investment funds and non-investment fund issuers due to COVID-19

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.

For inquiries about filings for non-investment fund issuers:

Michael Bennett
Senior Legal Counsel, Corporate Finance
Ontario Securities Commission
416-593-8079
mbennett@osc.gov.on.ca

Matthew Au
Senior Accountant, Corporate Finance
Ontario Securities Commission
416-593-8132
mau@osc.gov.on.ca

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

Jan Mazur 
Team Lead, Statutory Filings
Alberta Securities Commission
403-297-2091
jan.mazur@asc.ca  

Jody-Ann Edman
Manager, Financial Reporting
British Columbia Securities Commission
604-899-6698
jedman@bcsc.bc.ca

Martin Latulippe
Director, Continuous Disclosure
Autorité des marchés financiers
514-395-0337 ext. 4331
martin.latulippe@lautorite.qc.ca

Wayne Bridgeman, CPA, CGA
Deputy Director, Corporate Finance
Manitoba Securities Commission
204-945-4905
wayne.bridgeman@gov.mb.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

Rebecca Atkinson
Senior Legal Counsel
Financial and Consumer Services
Commission, New Brunswick
506-658-3038
rebecca.atkinson@fcnb.ca

Abel Lazarus
Director, Corporate Finance
Nova Scotia Securities Commission
902-424-6859
abel.lazarus@novascotia.ca

 

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  

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

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  

Patrick Weeks
Corporate Finance Analyst
Manitoba Securities Commission
204-945-3326
patrick.weeks@gov.mb.ca

Chad Conrad
Legal Counsel, Corporate Finance
Alberta Securities Commission
403-297-4295
chad.conrad@asc.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 Investor inquiries, please refer to your respective securities regulator. You can contact them here

For media inquiries, please refer to the list of provincial and territorial representatives below or contact us at media@acvm-csa.ca:

Kristen Rose
Ontario Securities Commission
416-593-2336

Sylvain Théberge
Autorité des marchés financiers
514-940-2176

Brian Kladko
British Columbia Securities Commission
(604) 899-6713

Hilary McMeekin
Alberta Securities Commission
403-592-8186

Jason (Jay) Booth
Manitoba Securities Commission
204-945-1660

Sara Wilson
Financial and Consumer Services
Commission, New Brunswick
506-643-7045

David Harrison
Nova Scotia Securities Commission
902-424-8586

Steve Dowling
Government of
Prince Edward Island,
Superintendent of Securities
902-368-4550

Renée Dyer
Office of the Superintendent
of Securities,
Newfoundland and Labrador
709-729-4909

Rhonda Horte
Office of the Yukon Superintendent
of Securities
867-667-5466

Jeff Mason
Nunavut Securities Office
867-975-6591

Tom Hall
Office of the Superintendent
of Securities
Northwest Territories
(867) 767-9305

Shannon McMillan
Financial and Consumer Affairs
Authority of Saskatchewan
306-798-4160