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Jun 25, 2015
The Canadian Securities Administrators (CSA) today announced the final implementation of amendments to National Instrument 33-105 Underwriting Conflicts (NI 33-105). Also published in final form today are related CSA Multilateral Instrument 45-107 Listing Representation and Right of Action Disclosure Exemptions, Ontario amendments to OSC Rule 45-501 Ontario Prospectus and Registration Exemptions and an Ontario-specific amendment to Form 45-106F1 Report of Exempt Distribution.
Together, these amendments provide limited exemptions from certain disclosure requirements for offerings of foreign securities made in Canada on a private placement basis to permitted clients. Permitted clients are institutional and other sophisticated investors.
“These amendments will reduce the regulatory burden associated with offerings of foreign securities in Canada on a private placement basis and are intended to provide sophisticated investors access to a broader range of investment opportunities,” said Louis Morisset, CSA Chair and President and CEO of the Autorité des marchés financiers.
All three sets of amendments were initiated to codify exemptive relief previously granted to certain dealers that participate in private placement offerings of foreign securities in Canada. Provided all necessary ministerial approvals are obtained, the amendments will come into effect on September 8, 2015.
The amendments can be found on CSA members’ websites.
The CSA, the council of the securities regulators of Canada’s provinces and territories, co-ordinates and harmonizes regulation for the Canadian capital markets.
Carolyn Shaw-Rimmington Ontario Securities Commission 416-593-2361
Alison Walker British Columbia Securities Commission 604-899-6713
Tanya Wiltshire Nova Scotia Securities Commission 902-424-8586
Don Boyles Office of the Superintendent of Securities Newfoundland and Labrador 709-729-5401
Jeff Mason Nunavut Securities Office 867-975-6591
Sylvain Théberge Autorité des marchés financiers 514-940-2176
Andrew Nicholson Financial and Consumer Services Commission, New Brunswick 506-658-3021
Janice Callbeck The Office of the Superintendent of Securities, P.E.I. 902-368-6288
Rhonda Horte Office of the Yukon Superintendent of Securities 867-667-5466