Toronto Stock Exchange and TSX Venture Exchange to take relief measures for listed insurers in response to Covid-19

TMX Group exchanges Toronto Stock Exchange (TSX) and TSX Venture Exchange (TSXV) announced yesterday temporary blanket relief measures for listed issuers during the Covid-19 outbreak. The measures aim to reduce the administrative burden on public companies during the crisis and provide more flexibility in dealing with market volatility.

Loui Anastasopoulos, President, Capital Formation, TMX Group said:

Loui Anastasopoulos

The profound impacts of the COVID-19 crisis are being felt across all industries and companies, including emerging and established listed companies in Canada and around the world. Public companies play a vital role in the success and long-term viability of Canada’s economy and constitute a crucial segment of TMX’s client base. Following close consultation with our stakeholders, we have implemented measures that we feel will benefit many of our more than 3,200 listed issuers, and allow them increased flexibility as they work to manage their businesses through this rapidly evolving crisis.

TSX and TSXV will not require issuers to apply to take advantage of the relief actions, instead they will automatically apply. The relief includes timeframe extensions for holding annual shareholder meetings and approvals of stock option plans. TSX will also allow filing of financial statements and adjustments to share buybacks and delisting criteria.

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