Canadian securities regulators provide update on COVID-19 and potential filing delays by reporting issuers

For Immediate Release CSA

Montreal – The Canadian Securities Administrators (CSA) encourages reporting issuers to contact their principal regulator to discuss any potential effect of the current COVID-19 outbreak on their ability to comply with their obligations under securities legislation, including filing deadlines or delivery of meeting materials.

Issuers that foresee not being able to file their annual or interim financial statements by their prescribed deadline because of the current COVID-19 outbreak should consider applying for a management cease-trade order (MCTO). Under normal circumstances, applications for an MCTO should be filed at least two weeks before the due date for the required filings, however we will work to accommodate shorter periods where necessary.

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. MCTOs issued in these circumstances will not be considered required disclosure in future documents.

The CSA is continuing to monitor the impact of COVID-19 on Canadian capital markets and may issue further guidance in due course.

A staff contact list for issuers is 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 industry inquiries, please refer to your respective securities regulator.

For more information:

Eden Williams
Manager, Regulatory Administration
Ontario Securities Commission
416-593-8338
[email protected]

Jan Mazur 
Team Lead, Statutory Filings
Alberta Securities Commission
403-297-2091
[email protected]

Martin Latulippe
Director, Continuous Disclosure
Autorité des marchés financiers
514-395-0337 ext. 4331
[email protected]

Heather Kuchuran, CPA, CA, CFA
Deputy Director, Corporate Finance
Financial and Consumer Affairs
Authority of Saskatchewan
306-787-1009
[email protected]

Abel Lazarus
Director, Corporate Finance
Nova Scotia Securities Commission
902-424-6859
[email protected]

Ritu D. Kalra CPA, CA, CFA
Senior Accountant, Investment Funds and Structured Products Branch
Ontario Securities Commission
416-593-8063
[email protected]

Jody-Ann Edman
Manager, Financial Reporting
British Columbia Securities Commission
604-899-6698
[email protected]

Wayne Bridgeman, CPA, CGA
Deputy Director, Corporate Finance
Manitoba Securities Commission
204-945-4905
[email protected]

Rebecca Atkinson
Senior Legal Counsel
Financial and Consumer Services
Commission, New Brunswick
506-658-3038
[email protected]

For media inquiries, please refer to the list of provincial and territorial representatives below or contact us at [email protected]

For more information:

Kristen Rose
Ontario Securities Commission
416-593-2336
 

Brian Kladko
British Columbia Securities Commission
604-899-6713

 

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

 

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

Hilary McMeekin
Alberta Securities Commission
403-592-8186

Sylvain Théberge
Autorité des marchés financiers
514-940-2176

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

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

Jeff Mason
Nunavut Securities Office
867-975-6591

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