The Canadian Securities Administrators are extending the comment period for proposed corporate governance reforms.

On January 16, the member of the CSA (apart from B.C. and Quebec), published proposed new rules regarding effective corporate governance, and disclosure of corporate governance practices. Comments were due by April 15.

However, the CSA has decided to extend the comment period until May 31. It says the extension is to give commenters time to contemplate the rules’ possible effects on income trusts.

It notes that “considerable discussion has arisen regarding the application of the [proposed rules] to income trusts and other similarly structured entities. In light of this, we request that interested parties specifically consider the application of the [proposed rules] to issuers such as income trusts, and include such considerations in their written submissions.”

In a separate notice, the CSA has issued guidance to issuers filing a prospectus after March 30, which is when several new rules take effect.

The CSA notes that issuers may apply for relief from certain requirements of the prospectus rules provided they comply with the corresponding requirements in new rules concerning continuous disclosure obligations, auditing standards and others.

“CSA staff believe that, in some circumstances, an issuer preparing a prospectus should be permitted to rely on the level of disclosure that it has provided to satisfy its continuous disclosure obligations,” the notice states. “In some instances, such as an initial public offering or an offering under the Multijurisdictional Disclosure System, more disclosure in a prospectus, including additional years of financial statements, may be warranted.”

Issuers who intend to file a prospectus after March 30 may submit an application to the regulators requesting relief from certain requirements of the prospectus rules that are not consistent with the new rules.