Learn more about what the ASC is doing to support market participants and investors.
Mar 05, 2020
Vancouver – Issuers across Canada will now be able to submit their prospectuses for confidential review by securities regulators before publicly filing them.
The new program, explained in Canadian Securities Administrators (CSA) Staff Notice 43-310 Confidential Pre-File Review of Prospectuses (for non-investment fund issuers), expands the availability of confidential pre-file reviews that some CSA jurisdictions are already conducting. Pre-file review allows for the earlier identification of material issues that might delay receipting the prospectus and closing the offering.
“Allowing confidential pre-file reviews of prospectuses provides issuers with greater flexibility and more certainty in planning their securities offerings,” said Louis Morisset, CSA Chair and President and CEO of the Autorité des marchés financiers. “This harmonized approach aims to foster capital-raising across Canada.”
The pre-filed prospectus should be of the same form and quality expected in a publicly-filed prospectus and contain the disclosure (including financial statements) required under securities law. The pre-filed prospectus should also include an estimate of price of the securities and other information derived from that price. The reviews will generally be conducted by the issuer’s principal regulator.
The new program will supersede existing pre-file review policies in the jurisdictions that offer them.
CSA Staff Notice 43-310 Confidential Pre-File Review of Prospectuses (for non-investment fund issuers) is available on participating jurisdictions’ 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.
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For investor inquiries, please refer to your respective securities regulator. You can contact them here.
For media inquiries, please refer to the list of provincial and territorial representatives below or contact us at firstname.lastname@example.org:
Kristen Rose Ontario Securities Commission 416-593-2336 email@example.com
Brian Kladko British Columbia Securities Commission 604-899-6713 firstname.lastname@example.org
Jason Booth The Manitoba Securities Commission 204-945-1660
Shannon McMillan Financial and Consumer Affairs Authority of Saskatchewan 306-798-4160
David Harrison Nova Scotia Securities Commission 902-424-8586
Renée Dyer Office of the Superintendent of Securities Newfoundland and Labrador 709-729-4909
Rhonda Horte Office of the Yukon Superintendent of Securities 867-667-5466
Hilary McMeekin Alberta Securities Commission 403-592-8186
Sylvain Théberge Autorité des marchés financiers 514-940-2176
Sara Wilson Financial and Consumer Services Commission, New Brunswick 506-643-7045
Steven Dowling Government of Prince Edward Island Superintendent of Securities 902-368-4550
Jeff Mason Nunavut Securities Office 867-975-6591
Tom Hall Office of the Superintendent of Securities, Northwest Territories 867-767-9305