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EMDs play an important role in assisting start-ups and small to medium-sized businesses raise capital by distributing those businesses’ securities under prospectus requirement exemptions. However, as the businesses grow and seek financing through prospectus offerings, EMDs are unable to participate in those prospectus offerings due to restrictions on their permitted activities.

The securities regulators of Ontario, Quebec, British Columbia, Saskatchewan, Alberta and Nova Scotia are working together to bring this initiative into force in their respective provinces.

Investment dealers will continue to remain involved in these offerings, including by acting as underwriter and signing the underwriter certificate to the prospectus.

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The CSA received responses to the survey from 489 Canadian portfolio managers and investment dealers between October 16 and November 7, 2023. Overall, respondents indicated that they were somewhat more concerned than in the previous year. Their main concerns related to household debt, high interest rates, the housing market, the geopolitical environment, and cyber vulnerabilities.

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To be eligible for the Listed Issuer Financing Exemption, an issuer must be a reporting issuer in a Canadian jurisdiction for at least 12 months and file all continuous disclosure documents required by securities legislation. An eligible issuer will be required to file a short offering document. Under this new exemption, an issuer may raise up to the greater of $5 million or 10 per cent of its market capitalization, to a maximum of $10 million, annually. Securities issued under this exemption will be free trading. 

Assuming all Ministerial approvals are obtained, the Listed Issuer Financing Exemption will come into force on November 21, 2022.

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