Announcement – COVID-19 Impact
The AUC issued an announcement regarding the impact of COVID-19. It noted that AUC staff are working from home for the foreseeable future, and using technology to host internal meetings and have eliminated travel.
The AUC noted that it is mindful of the limits stakeholders have and the extraordinary challenges they are facing in these circumstances. The AUC is looking at its approach to regulation during this period and has assumed a more flexible approach to regulation, including a pragmatic approach to compliance. For example, it has deferred compliance filings, suspended specified penalties for self-reported contraventions, and supported the Market Surveillance Administrator in adopting a flexible approach for market participants.
The AUC is also examining its approach to its 2020-2021 Operational Plan objectives and initiatives. Many of those activities are outward-facing and require the involvement of stakeholders through meetings and consultations. As a result, the AUC is examining how it can advance this agenda while being mindful of competing priorities, including exploring whether and how it can apply technology to AUC consultations and hearings.
For the moment, the AUC has delayed publication of its operational plan, which it had intended to post at the beginning of the fiscal year, while it considers how best to deliver on that agenda. The AUC will continue to provide updates on its approach through its website and in periodic updates.