Canadian securities regulators provide update on changes to regulatory work in light of COVID-19
Toronto – The Canadian Securities Administrators (CSA) is currently focusing its regulatory efforts on helping market participants and investors address challenges created by COVID-19.
On March 18, the CSA announced that all CSA proposals currently out for comment would have their comment periods extended by 45 days. Until at least May 30, 2020, the CSA will also not publish any new proposals for comment.
CSA members continue to be in close contact with the companies and firms they regulate, and based on these discussions, will consider proceeding with burden reduction initiatives if they are immediately helpful to businesses in responding to COVID-19.
As the situation evolves, the CSA will consider whether additional relief for market participants is warranted. We will also consider actions to support investors and ensure they are treated fairly during this difficult time. The needs of both stakeholder groups are important, and CSA members will consider and balance these needs as we fulfil our mandates.
“We are mindful that most market participants are working remotely and weathering unprecedented challenges to their business,” said Louis Morisset, CSA Chair and President and CEO of the Autorité des marchés financiers. “We are hopeful that these actions will free up resources, allowing firms to focus on front-line activities and serving the needs of investors.”
The CSA continues to monitor the situation and will reassess the need to further defer its consultations and publications.
The CSA, the council of the securities regulators of Canada’s provinces and territories, co- ordinates and harmonizes regulation for the Canadian capital markets.
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Jason (Jay) Booth