Issuers should contact regulators about filing interruptions, CSA says

Issuers that can’t file their financials due to the effects of the Covid-19 outbreak should consider seeking a management cease-trade order, the Canadian Securities Administrators (CSA) said.

Issuers should contact their principal regulators to discuss possible challenges in meeting their regulatory obligations, the CSA said Monday, including deadlines for regulatory filings or delivering required meeting materials.

A management cease-trade order “restricts certain officers and directors from trading and may be issued by a regulator instead of a failure-to-file cease-trade order,” the CSA noted.

The regulators said that applications for management cease-trade orders would normally have to be filed two weeks ahead of issuers’ filing deadlines, but they will work with issuers to “accommodate shorter periods where necessary.”

“The CSA is continuing to monitor the impact of Covid-19 on Canadian capital markets and may issue further guidance in due course,” it said.

James Langton

James is a senior reporter for Advisor.ca and its sister publication, Investment Executive. He has been reporting on regulation, securities law, industry news and more since 1994.