On March 23, 2020, the Canadian Securities Administrators
published local blanket orders for market participants that provide
a 45-day extension for periodic filings normally required to be
made by market participants on or before June 1, 2020.
As of April 21, 2020, our research indicates that at least 86
reporting issuers have announced their intention to rely on the
exemption in order to delay a filing or delivery.
We note that among the issuers we identified, most are listed on
the Toronto Stock Exchange, have a relatively small market
capitalization (less than CAD$300 million for 94.2 % of the
issuers), and operate in various industries.
The high percentage of TSX-listed issuers might be explained by
the longer deadlines applicable to venture issuers, which allow,
for example, venture issuers with a December 31 year-end to report
annual results at the end of April (as opposed to the end of March
for TSX-listed issuers). It will be interesting to see in
