Ya - it's COSEWIC's emergency review. I find COSEWIC/SARA processes are really not fisheries management processes - and don't mesh well with traditional DFO stock assessment and IFMP processes.
Basically, COSEWIC has been around for years - focusing on all furry, feathered, crusty and scaly critters all across Canada - looking at available stock data - if any exists. It's an in-house academic exercise using criteria like stock trajectories to determine extinction risk. These COSEWIC experts can be expected NOT to be experts on the species nor the areas - but rather instead on stock trajectory & risk methodologies.
Whatever recommendations they come up with - and it's usually a secret as to how they did that - they hand off to the folks at SARA - and in the case of fish - to DFO. SARA came after COSEWIC - and is similarly not a fisheries management process - but rather a risk aversion/reduction process.
Then the SARA folks have to take whatever was pumped-out by COSEWIC and try to (in some cases, some times) - fit a square peg in a round hole - especially if the CUs/stocks recommended to be at risk with SARA don't mesh well with traditional fisheries regulations and areas. SARA have a few options about whether to list or not - but not to alter what COSEWIC recommends. Ultimately, it is up to the Minister (in this case the DFO Minister) to list or not - after applying a socioeconomic filter.
Usually, if a species is listed - targeted fisheries are verboten - while bycatch can be allowed with a "permit".
So - it is a long process - years usually - and that has been my experience and perceptions detailed above.... but I am unfamiliar with how this "emergency assessment" works in comparison the the normal SARA process.