The Canadian Securities Administrators is extending the deadline for comments on drafts of the Uniform Securities Act (USA) and the Model Securities Administration Act, which were developed under the Uniform Securities Legislation Project.
The drafts were published on Dec. 16, 2003. On December 19, 2003, the Quebec Securities Commission published a civil law adaptation of the USA. These documents invited written submissions until March 16. But the CSA decided to extend the deadline for a further 60 days, until May 17.
The CSA says that it based this decision on three factors: the detailed nature of the consultation drafts; the number of other CSA initiatives requiring stakeholder attention in an overlapping time frame; and, the March deadline coinciding with the year-end reporting obligations of many reporting issuers and their advisors.