COVID-19: Investment fund industry updates (May 20, 2020)

 CSA provides blanket relief extending certain filing, delivery and prospectus renewal obligations for period June 2, 2020-Sept. 30, 2020

The Canadian Securities Administrators (CSA) today published a blanket order that provide investment fund issuers with temporary relief from certain regulatory filings and delivery obligations, as a result of the COVID-19 pandemic.  The conditions of the relief are substantially the same as relief granted for the period March 31, 2020 to June 1, 2020 (prior relief), but the relief is only applicable to investment funds with filing deadlines in the periods described below.

The blanket relief provides a 60-day extension for certain filing, delivery and prospectus renewal obligations normally required to be made during the period from June 2, 2020 to September 30, 2020.

Investment funds issuers that have already used the prior relief to extend any filing, delivery and prospectus renewal deadline occurring on or before June 1, 2020 cannot use this relief to further extend the deadline.

The CSA is implementing the relief through local blanket orders that are substantially harmonized across the country.