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Notice 2020-004 - CSE Clarifies Filing Requirements in Support of CSA Announcement

March 20, 2020

Toronto - The Canadian Securities Exchange (CSE, or Exchange) today confirmed that interim and annual financial statements for CSE Listed Issuers, including the related CSE Forms, are required to be filed with the Exchange when filed on SEDAR, or in accordance with securities legislation.  Consequently, any relief granted by the Canadian Securities Administrators (CSA) with respect to such filings will apply to CSE listed issuers.  

The CSA has announced temporary relief from some regulatory filings required to be made on or before June 1, 2020, including a 45-day extension for periodic filings normally required to be made by issuers, investment funds, registrants, certain regulated entities and designated rating organizations on or before June 1, 2020. This will include financial statements, management’s discussion and analysis, management reports of fund performance, annual information forms, technical reports, and certain other filings.

The CSA has confirmed that issuers choosing to rely on this exemption and that are complying with the conditions of the relief will not need to file applications for management cease trade orders as they will not be noted in default.  The CSA expects to publish further details about the relief shortly.

Link to CSA announcement:

https://osc.gov.on.ca/en/NewsEvents_nr_20200318_csa-provide-blanket-relief-for-market-participants-covid-19.htm

The Exchange reminds all CSE Listed Issuers, including those that delay filing of financial statements or Management’s Discussion and Analysis (MD&A) in accordance with CSA relief, that they should remain aware of their obligations under Exchange Policy 5 to make timely public disclosure of all material information resulting from the COVID-19 outbreak. For example, Policy 5 states that actual or proposed developments that require immediate disclosure include firm evidence of significant increases or decreases in near-term earnings prospects, and changes in capital investment plans or corporate objectives.

Similarly, the obligation to file a Monthly Progress Report (Form 7) continues. This report is intended to keep investors and the market informed of the Issuer’s ongoing business and management activities that occurred during the preceding month. It is likely at the current time that every listed issuer’s Form 7 filing should contain an updated discussion of the impact of the COVID-19 outbreak, even if the anticipated impact is relatively minimal.  The Form 7 is not intended for the initial release of material information, which must first be disclosed by way of a news release.  The Form 7 would include a summary or reference to any previously disclosed material information and responses to the less material questions in the form.  Any officer of the Listed Issuer may sign the Form 7. 

As always, CSE Listings Staff are available to answer questions about completing or posting CSE Forms, at Listings@theCSE.com.

Questions

For questions about content of this CSE Notice, please contact:

John Hughes, Manager Financial Disclosure & Compliance

John.Hughes@thecse.com, or 647-729-8326

For questions about CSE Listings Policies or procedures, please contact:

Listings@thecse.com, or 416-367-7340.

Mark Faulkner, Vice President Listings & Regulation

Mark.Faulkner@thecse.com

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