Alberta extends filing deadlines for flood-impacted issuers

Alberta extends filing deadlines for flood-impacted issuers

Alberta extends filing deadlines for flood-impacted issuers

Alberta issuers of securities will get an extension on looming filing deadlines, as the regulator is granting a grace period due to unprecedented flooding in Calgary and southern regions of the province.

Due to the flooding, which resulted in the mandatory evacuation of the Calgary downtown core, the Alberta Securities Commission (ASC) said it had extended filing deadlines for Alberta-based securities issuers. The agency added that regulators in other provinces have indicated that they would also offer grace periods.

The ASC said it would delay taking regulatory action for five business days if an issuer with an Alberta head office is, due to flood-related issues, unable to comply with either the June 28 annual filing deadline or the July 2 interim or annual filing deadline.

The agency said that it had been in contact with Canada’s other security regulators, which confirmed that they would also recommend delaying regulatory actions for five days. However, some jurisdictions may require a late filing fee.

If a filing is made after the five-day grace period, in the absence of the formal granting of discretionary relief, the ASC said it anticipates “initiating typical regulatory action.” If an issuer requires further time, the agency said it may be prepared to grant such requests but it it advises that issuers apply for extensions as soon as possible.