Region

Jurisdiction

Regulator

2021-05-20

Draft Amendments to Policy Statement 11-207 respecting Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions

The securities regulators amend Policy Statement 11-207 to update the definitions of annual and interim disclosure statements by referencing Regulation 51-102. The amendments revise Section 24 to expand the list of filings triggering cease trade orders to include annual disclosure statements, interim disclosure statements, annual information forms, and certificates under Regulation 52-109. Additionally, Section 25 is modified to require the inclusion of interim disclosure statements and annual disclosure statements in the calculation of outstanding filings for determining failure-to-file status.

Canada

Autorite des marches financiers Quebec

AMENDMENTS TO POLICY STATEMENT 11-207 RESPECTING FAILURE-TO-FILE CEASE TRADE ORDERS AND REVOCATIONS IN MULTIPLE JURISDICTIONS

Section 3 of Policy Statement 11-207 respecting Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions is amended: (1) by inserting, before the definition of the expression “cease trade order”, the following: ““annual disclosure statement” has the same meaning as in Regulation 51-102 respecting Continuous Disclosure Obligations (chapter V-1.1, r. 24);”; (2) by inserting, after the definition of the expression “filer”, the following: ““interim disclosure statement” has the same meaning as in Regulation 51-102 respecting Continuous Disclosure Obligations;”.
Section 24 of the Policy Statement is amended by replacing, in paragraph (1), the words “annual or interim financial statements, MD&A or MRFP, and certification of filings” with the words “annual disclosure statement, interim disclosure statement, annual information form, annual financial statements, interim financial report, MD&A or MRFP, and certificate required under Regulation 52-109 respecting Certification of Disclosure in Issuers’ Annual and Interim Filings (chapter V-1.1, r. 27)”.
Section 25 of the Policy Statement is amended: (1) by inserting, in the text preceding paragraph (a) and after the word “outstanding”, the words “interim disclosure statements,”; (2) by replacing, in paragraph (a), the words “audited annual financial statements” with the words “annual disclosure statements, audited annual financial statements”; (3) by inserting, in paragraph (c) and after the words “current fiscal year,”, the words “interim disclosure statements,”.