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Weekly Reports

Updates for the week ending March 27, 2020

Instruments & Policies

21-505 - BC Instrument – Temporary exemption from certain reporting requirements for Regulated Entities carrying on business in British Columbia.

In light of recent COVID-19 developments and their impact on regulated entities, the BC Securities Commission is providing blanket relief that provides a 45-day extension for certain reporting obligations normally required to be made by regulated entities on or before June 1, 2020. The relief relates to documents and other information such as audited annual financial statements, SOC 1 Reports, annual compliance reports and other information. We expect other CSA members to adopt similar orders.

As the COVID-19 situation evolves, the BC Securities Commission will adapt its response as necessary.
32-526 - BC Instrument – Temporary exemption from certain financial statement and information delivery requirements for registrants.

In light of recent COVID-19 developments and their impact on registrants, the BC Securities Commission is providing blanket relief that provides a 45-day extension for certain filings normally required to be made by registrants on or before June 1, 2020. The relief relates to filings such as financial statements, 31-103F1 excess working capital calculations and other filings. We expect other CSA members to adopt similar orders.

As the COVID-19 situation evolves, the BC Securities Commission will adapt its response as necessary.
51-515 - BC Instrument - Temporary Exemption from Certain Corporate Finance Requirements

In light of recent COVID-19 developments and their impact on issuers (non-investment fund), the BC Securities Commission is providing blanket relief that provides a 45-day extension for certain filing, sending, and delivery requirements relating to certain required periodic disclosure such as annual financial statements, interim reports MD & A and mining technical reports, as well as prospectus lapse date extensions for base shelf prospectuses, normally required to be made by issuers on or before June 1, 2020. We expect other CSA members to adopt similar orders.

As the COVID-19 situation evolves, the BC Securities Commission will adapt its response as necessary.
81-519 - BC Instrument - Extension of Certain Filing, Sending, Delivery and Prospectus Renewal Requirements of Investment Funds

In light of recent COVID-19 developments and their impact on investment funds, the BC Securities Commission is providing blanket relief that provides a 45-day extension for certain filing, sending, and delivery requirements relating to certain required periodic disclosure such as annual financial statements, interim financial reports, custodian and compliance reports, as well as prospectus lapse date extensions for mutual funds and ETFs that are in continuous distribution, normally required to be made by investment funds on or before June 1, 2020. We expect other CSA members to adopt similar orders.

As the COVID-19 situation evolves, the BC Securities Commission will adapt its response as necessary.
24-317 - CSA Multilateral Notice - Notice of Relief from Certain Filing Provisions under National Instrument 24-101 Institutional Trade Matching and Settlement

This multilateral notice provides notification that together with other CSA jurisdictions the BCSC will grant relief to registered dealers or advisers through a three-year moratorium from the application of section 4.1 of National Instrument 24-101 Institutional Trade Matching and Settlement (NI 24-101). In British Columbia, the three-year moratorium will be implemented by varying the existing relief set out in BC Instrument 24-501 Exemption from the filing requirements of National Instrument 24-101 Institutional Trade Matching and Settlement.

News

News release 2020/25 - Canadian securities regulators publish blanket relief for market participants due to COVID-19
News release 2020/26 - Investor Alert: Warning about work from home scams during COVID-19 crisis
News release 2020/27 - Capital Markets including all dealers and advisers declared essential services during COVID-19 pandemic

Marketplaces, Self Regulatory Organizations (SROs) & Clearing Agencies