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Billy Xiong Affirms: Canadian Securities Regulators Extend Deadlines For Filings

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Canada:

Canadian Securities Regulators Extend Deadlines For Filings Between June 2 And August 31


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On May 20, 2020, the Canadian Securities Administrators (CSA)
published blanket orders extending deadlines by 45 days for
documents required to be filed or delivered by non-investment fund
issuers between June 2 and August 31, 2020.

What you need to know

  • The 45-day extension applies to the filing and delivery
    deadlines for documents including financial statements,
    management’s discussion and analysis (MD&A), annual
    information forms, technical reports and business acquisition
    reports (BARs) required to be filed between June 2 and August 31,
    2020.

  • Issuers with December 31 fiscal year ends will now have an
    additional 45 days to release Q2 2020 results.

  • Issuers with March 31 fiscal year ends will now have an
    additional 45 days to release annual and Q1 2020 results.

  • Provided that an issuer is not relying on the extension for its
    annual or interim filings, base shelf prospectuses expiring between
    June 2 and August 31, 2020 may be extended for 45 days.

  • Issuers that have already relied on the CSA’s prior relief
    to extend deadlines occurring on or before June 1, 2020 cannot rely
    on the new order to further extend those deadlines.

Summary of CSA blanket relief

As a result of the blanket relief:

  • TSX-listed and TSX Venture-listed issuers with December 31
    fiscal year ends will now have until September 28, 2020 and October
    15, 2020, respectively, to file Q2 2020 interim financial
    statements and MD&A

  • TSX-listed and TSX Venture-listed issuers with March 31 fiscal
    year ends will now have until August 13, 2020 and September 14,
    2020, respectively, to file annual financial statements, MD&A
    and annual information forms.

  • TSX-listed and TSX Venture-listed issuers with March 31 fiscal
    year ends will now have until September 28, 2020 and October 15,
    2020, respectively, to file Q1 2020 interim financial statements
    and MD&A.

  • BARs and technical reports required to be filed between June 2
    and August 31 may be filed up to 45 days following the normal
    filing deadline.

  • Provided that an issuer is not relying on the extension for
    annual and interim filings, base shelf prospectuses expiring
    between June 2 and August 31 may be extended for 45 days.

Issuers may not file a preliminary or final prospectus for an
offering of securities until they have filed all documents that
would otherwise be required to be filed absent the extension.

The conditions of the relief are substantially the same as the
prior relief announced by the CSA on March 23, 2020 (details of
which can be found here).

Blanket orders were also published that extend deadlines for
investment fund issuers.

To discuss these issues, please contact the author(s).

This publication is a general discussion of certain legal and
related developments and should not be relied upon as legal advice.
If you require legal advice, we would be pleased to discuss the
issues in this publication with you, in the context of your
particular circumstances.

For permission to republish this or any other publication, contact
Janelle Weed.

© 2020 by Torys LLP.

All rights reserved.

Originally published 21 May 2020

The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.

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