On December 7, 2023, the CSA published a summary of the results from its second annual systemic risk survey. The results of this survey provide the CSA with important information on market participants’ concerns about the stability of the Canadian financial system. The CSA received responses to the survey from 489 Canadian portfolio managers and…
In a recent announcement, the Canadian Securities Administrators (CSA) is adopting a new prospectus exemption for issuers listed on a Canadian stock exchange. The Listed Issuer Financing Exemption will provide issuers with a more efficient way to raise capital by reducing regulatory burden for small offerings while maintaining investor protection. To be eligible for the…
If you haven’t already heard, the securities regulatory authorities of British Columbia, Manitoba, Nunavut, the Northwest Territories, and Yukon (the participating jurisdictions) announced that they will revoke their substantially harmonized registration exemptions that form the “Northwestern Exemption” (the local orders). This announcement was made in Multilateral CSA Notice 32-302 (the Notice) Notice of Revocation for…
On July 26, 2016, the Alberta Securities Commission (ASC) adopted ASC Rule 45-517 Prospectus Exemption for Start-Up Businesses. This Rule permits Alberta issuers to raise funds from Alberta investors through an online funding portal that is a registered dealer, a registered dealer, or the network of contacts of the issuer’s principals. The main conditions of…
Ontario is expected to adopt the offering memorandum (OM) exemption on January 13, 2016. Alberta, Saskatchewan, Quebec, New Brunswick and Nova Scotia (together with Ontario, the Participating Jurisdictions) are amending their existing OM exemptions so that they are substantially harmonized with Ontario’s OM exemption. The other Participating Jurisdictions expect to adopt their amendments on April…
The OSC published its Exempt Market Review on November 5, 2015. This review provides an overview of exempt market activity in Ontario in 2014, including the following statistics: Non-investment fund issuers raised approximately $41 billion through prospectus-exempt distributions in Ontario from approximately 22,000 purchases made by Ontario residents. The accredited investor exemption was the most…
The Ontario Securities Commission (OSC) is now posting summaries of reported exempt distributions on its website and will do so regularly. The summaries are based on information contained in reports of exempt distribution (Form 45-106F1) indicating Ontario purchasers. The summaries include the following information about the distribution: • the submission date of the report; •…
An avid racetrack fan decides that she would like to own her own race horses, but the problem is she doesn’t have enough money to pay for their training and boarding as well as all of the entrance fees. As she contemplates how to fulfill her dream of owning horses, it strikes her that if…
On May 14, 2015, the securities regulatory authorities of BC, Saskatchewan, Manitoba, Québec, New Brunswick and Nova Scotia (the participating jurisdictions) each adopted, by way of local blanket order, a substantially harmonized start-up crowd funding exemption that will permit start-up and early stage companies to raise capital in these jurisdictions. BC’s start-up crowd funding exemption…
Upcoming Amendments to National Instrument 45-106 Prospectus and Registration Exemptions (NI 45-106) Amendments to the individual accredited investor (AI) exemption and the minimum amount investment exemption, more commonly known as the $150,000 exemption will come into force on May 5, 20151in NI 45-106, which incidentally, will be renamed to National Instrument 45-106 Prospectus Exemptions. In…