TORONTO — An Ontario Securities Commission panel gave Research In Motion Ltd. executives a bit of relief as they handed the BlackBerry maker another deadline extension for its quarterly reports, as the company races to correct accounting errors for employee stock options issued several years ago.

At a hearing held Wednesday in Toronto, a two-member OSC panel extended an order that restricts insiders from trading in RIM stock while allowing the company extra time to catch up with its financial statements.

The panel also decided not to expand a cease-trade order to all company shares — meaning non-insiders will continue to buy and sell stock in Canada’s most valuable technology company.

Lawyers for Waterloo-based company said RIM was "very close" to handing over the file to its external audit firm, which must sign off on the company’s annual report before the OSC will consider lifting the management cease-trade order.

RIM said earlier this week that it will reduce 3 1/4 years of previously reported earnings by about US$250 million because of errors related to stock option costs — much more than the $25 million to $45 million the company had originally estimated in September.

Jim Balsillie has resigned as chairman of RIM’s board but will remain co-chief executive officer of the company with Mike Lazaridis. The two men, who are billionaires by virtue of their holdings in the company, also agreed to voluntarily pay $5 million each to defray some of RIM’s costs in conducting the review...

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