COVID-19: Financial and Capital Markets Regulatory Updates

Mar 18, 2020

Last updated on May 15, 2020

For further information on the changes below, please contact Lawrence E. Ritchie, Rob Lando, Victoria Graham, or Elizabeth Sale.

The chart below (updated as of May 15, 2020), outlines various responses to date taken by financial and capital markets regulatory authorities in response to the COVID-19 pandemic. The announcements are identified by the date issued by the regulator. We will continue to monitor this matter and provide updates as appropriate.

For Osler Updates and blog posts regarding financial and capital markets regulators, please see h ere, or visit our central COVID-19 resource page.

Regulator	Timing Matters	Filing/Disclosure-Related Changes	Accommodations for Remote Activities	Other Shifts in Regulatory Priorities	Other Matters
IIROC	April 16, 2020		March 10, 2020		April 16, 2020 (IIROC to extend implementation date of Plain Language Rulebook)
CSA/OSC^{^[1]}	CSA: March 16, 2020 OSC: March 16, 2020 CSA: March 18, 2020 OSC: March 23, 2020 -Orders: 51-502, 81-503, 25-502, and, 31-510 CSA: March 23, 2020 CSA: April 16, 2020 OSC: April 17, 2020	CSA: March 20, 2020	CSA: March 16, 2020 OSC: March 16, 2020		March 24, 2020 (OSC as Essential Business) April 16, 2020 (Delay of Relationship Provisions of Client Focused Reforms coming into force) April 17, 2020 (Increase short-term borrowing limits for mutual funds investing in fixed income) May 1, 2020 (Relief for public companies with delayed AGMs)
SEC	March 4, 2020 March 20, 2020 April 20, 2020	Firms: March 13, 2020 Advisers: March 13, 2020 March 16, 2020 March 23, 2020 March 22, 2020	March 13, 2020 March 20, 2020		COVID-19 Related FAQs March 20, 2020 (Approves NYSE application re. market capitalization) March 20, 2020 (SEC Continual Facilitation of Capital Markets) March 21, 2020 (Approves E-Auctions) March 20, 2020 (Changes re. Global Market Cap Requirements) March 22, 2020 (Transfer Agent Exemptions) March 23, 2020 (Flexibility for Investment Companies) March 23, 2020 (Statement on Enforcement) March 26, 2020 (EDGAR Access, Crowdfunding & Municipal Advisors) March 30, 2020 (Volcker Rule)
TMX Group/CDS	March 23, 2020 March 25, 2020	March 13, 2020	March 13, 2020		March 23, 2020 (Securities-Based Compensation) March 23, 2020 (Delisting Criteria) March 23, 2020 (Normal Course Issuer Bids) March 23, 2020 (Market Price Definition) March 23, 2020 (No requirement for issuers to apply for relief) April 8, 2020
NYSE					March 18, 2020 (Temp. Trading Floor Closure) April 21, 2020 (Relief for listing price & market value)
OSFI		March 13, 2020 March 27, 2020		March 13, 2020	COVID-19 Related FAQs March 11, 2020 (Guideline E-22) March 30, 2020 (Capital Treatment of COVID Funds) March 27, 2020 (Regulatory Flexibility) April 3, 2020 (Measures to Support Institutional Resiliency) April 9, 2020 (Additional Regulatory Flexibility)
FSRA	March 23, 2020 March 27, 2020 April 27, 2020 April 27, 2020 May 1, 2020	March 27, 2020	March 16, 2020 April 28, 2020		March 27, 2020 (Changes to Regulatory Requirements) April 27, 2020 (Pension Sector Response) May 7, 2020 (Capital Treatment of Loans under BCAP) May 12, 2020 (Protections for Mortgage-Based Investments)
FINTRAC		April 23, 2020		April 23, 2020 (Prioritize STR Reports)	April 23, 2020 (Message to all Reporting Entities)
FCAC^[2]					April 9, 2020 (General FCAC response)
Bank of Canada					March 13, 2020 (Interest Rates) March 18, 2020 (NMLP as Collateral) March 19, 2020 (Cash Transactions) March 23, 2020 (Issue/Guarantee of Bankers' Acceptances) March 24, 2020 (Provincial Funding Program) March 30, 2020 (Standing Liquidity Facility) April 15, 2020 (new market operations)
US Federal Reserve					March 16, 2020 (Interest Rate Cut) March 15, 2020 (Buybacks) March 20, 2020 (Re. Maturity) March 20, 2020 (Re. Credit) March 23, 2020 (TLAC Rule)
NASDAQ					April 21, 2020 (Relief for listing price & market value)

[1] Outside of the blanket 45 day extension announced on March 18 and confirmed on March 23, 2020, filing extensions will only be granted with an MCTO.

[2] A former iteration of this post referenced an FCAC announcement from March 17, 2020. In this announcement the FCAC stated that it is reprioritizing its supervisory and regulatory work and will focus its resources on emerging risks and concerns. This post has since been taken down.

COVID-19: Financial and Capital Markets Regulatory Updates

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