COVID-19: U.S. Considerations For Canadian Public Companies

The COVID-19 crisis continues to spread around the world and its impact has been felt in all parts of the global economy. It has also raised a host of legal issues that regulators from around the world have tried to address. Set forth below are certain U.S. and SEC developments that Canadian companies should consider as they navigate their business during the coming weeks and months.

SEC developments and guidance

During the week of March 9, 2020, the SEC moved to a full teleworking arrangement with limited exceptions. Although the SEC has indicated they intend the agency to remain fully operational during the transition, it is not easy to predict how this will ultimately impact SEC review of registration statements and other actions (e.g., issuance of effectiveness orders, no-action letters or interpretive guidance). In addition, given the rapidly developing circumstances of the pandemic, short- or long-term SEC closures or shut-downs remain possible. Accordingly,