The Canadian Securities Administrators (CSA) today published for comment proposed amendments to National Instrument 45-106 Prospectus Exemptions that would amend the report of exempt distribution set out in Form 45-106F1 Report of Exempt Distribution (Report).
“The proposed amendments provide greater clarity and flexibility on certain requirements of the Report while still providing regulators with the information necessary for oversight and policy development,” said Louis Morisset, CSA Chair and President and CEO of the Autorité des marchés financiers.
The proposed amendments are intended to address concerns raised by stakeholders about the certification and certain information requirements in the Report. The proposed amendments follow others steps taken by CSA staff in summer and fall 2016 to address these concerns, including providing relief from certain information requirements and issuing revised guidance on preparing and filing the Report.
The British Columbia Securities Commission did not publish the proposed instrument for comment, although staff anticipates doing so in the near future, after obtaining necessary approval.
The proposed amendments can be found on participating CSA members’ websites. Comments should be submitted in writing by September 6, 2017.
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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