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Oct 29, 2015
The securities regulatory authorities in Alberta, New Brunswick, Nova Scotia, Ontario, Québec and Saskatchewan (collectively, the participating jurisdictions) today published Multilateral CSA Notice of Amendments to National Instrument 45-106 Prospectus Exemptions Relating to the Offering Memorandum Exemption. The amendments will introduce an offering memorandum prospectus exemption in Ontario and will modify the existing offering memorandum exemption in Alberta, New Brunswick, Nova Scotia, Québec and Saskatchewan to strengthen investor protection. As a result of the amendments, the offering memorandum exemption will now be available in all jurisdictions of Canada.
“These amendments will enhance access to capital across Canada while introducing key investor protection measures,” said Louis Morisset, Canadian Securities Administrators (CSA) Chair and President and CEO of the Autorité des marchés financiers.
The following are some of the key investor protection measures included in the offering memorandum exemption:
The offering memorandum exemption was designed to facilitate capital-raising by allowing issuers to solicit investments from a wider range of investors than they would be able to under other prospectus exemptions, provided that certain conditions are met.
Provided all necessary ministerial approvals are obtained, the final amendments will come into force in Ontario on January 13, 2016 and in Alberta, New Brunswick, Nova Scotia, Québec and Saskatchewan on April 30, 2016.
The final amendments do not modify the OM exemption that exists in any CSA jurisdiction other than the participating jurisdictions.
The CSA, the council of the securities regulators of Canada’s provinces and territories, co-ordinates and harmonizes regulation for the Canadian capital markets.
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For more information:
Kristen Rose Ontario Securities Commission 416-593-2336
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
Noel Busse Financial and Consumer Affairs Authority of Saskatchewan 306-798-4160
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
Tom Hall Office of the Superintendent of Securities, Northwest Territories 867-767-9305