BCSC offers temporary reporting exemption to B.C. businesses

Several securities regulators across the country are granting exemptions, extensions to businesses during the ongoing COVID-19 pandemic

The BCSC will grant regulated businesses operating in B.C. temporary exemptions from certain reporting requirements. | Rob Kruyt

What happened: The British Columbia Securities Commission (BCSC) is granting regulated businesses operating in B.C. temporary exemptions from certain reporting requirements.

Why it matters: The measures – similar to those implemented by securities regulators in Alberta and Ontario – grant businesses temporary reporting deadline relief during the COVID-19 pandemic.

The British Columbia Securities Commission (BCSC) is granting businesses operating in B.C. a time extension on reporting audited financial statements, exemptions and quarterly reports to the commission.

A regulated business that would normally be required to file documents with the BCSC between March 23 and June 1 can now take an additional 45 days to submit documents or information.

Businesses must let the commission know they are relying on the BCSC’s temporary exemption order, and explain why they needed the extension.

In a letter published last week, BCSC chair Brenda Leong wrote that the commission “acknowledges that the pandemic may present challenges for market participants in the meeting of certain obligations under securities legislation.”

Securities regulators in Alberta and Ontario have published similar orders.

The BCSC order, which lists the documents and information covered by it, can be found here.

hwoodin@biv.com

@hayleywoodin