rules and regulations written on folder

The Canadian Securities Administrators (CSA) are giving industry firms, funds and issuers a 45-day extension on required regulatory filings amid the Covid-19 outbreak.

The CSA said that it will be providing temporary extensions on filings that are due before June 1, including financial statements, management’s discussion and analysis, management reports of fund performance, annual information forms, technical reports and other filings.

“The blanket relief will provide a 45-day extension for periodic filings normally required to be made by issuers, investment funds, registrants, certain regulated entities and designated rating organizations,” the CSA said.

Issuers that are relying on the exemption won’t have to seek management cease trade orders, as they will not be in default if they don’t meet existing filing deadlines.

The CSA pledged to publish details about the relief shortly.

Along with the relief for filing requirements, the CSA also said that it supports efforts to adopt “social distancing” measures, such as holding virtual shareholder meetings.

The regulators said that they will publish guidance on revising annual general meetings as soon as possible.

Additionally, regulatory proposals that are out for comment will have their comment deadlines extended by 45 days.

“The CSA is ready to take action where necessary to ensure market participants have the flexibility they need to focus on critical business decisions while managing risks to their employees, investors, customers and other stakeholders,” said Louis Morisset, chair of the CSA and president and CEO of the Autorité des marchés financiers.

The regulators also indicated that they stand ready to adjust their approach to enable the industry to weather the outbreak.

“As the Covid-19 situation evolves, the CSA will adapt its response as necessary to ensure that market participants have the guidance they need, and markets continue to be fair and efficient despite recent volatility,” the CSA said.

The CSA also reported that the Investment Industry Regulatory Organization of Canada, which has direct oversight of trading, “has confirmed volatility controls are functioning as expected in temporarily pausing declines while still allowing orderly price discovery to continue.”

“We will continue to monitor market developments as the situation changes,” the CSA said.