Learn more about what the ASC is doing to support market participants and investors.
Jun 04, 2020
Calgary and Toronto – The Canadian Securities Administrators today published final amendments that streamline at-the-market (ATM) distributions in Canada, and reduce regulatory burden for issuers, exchanges and investment dealers. ATM distributions will now be available to issuers without having to incur the time and cost of applying for exemptive relief to conduct such distributions.
“The amendments facilitate distributions without having an adverse impact on investor protection,” said Louis Morisset, Chair of the CSA and President and CEO of the Autorité des marchés financiers (AMF). “They also give issuers a faster and more cost-effective way to raise capital, which may be substantially beneficial to them particularly during the COVID-19 pandemic.”
Provided all necessary Ministerial approvals are obtained, the amendments will become effective on August 31, 2020.
Stakeholders identified ATM distributions as a recommended area of focus in the CSA’s consultation on reducing regulatory burden for non-investment fund issuers. In response, the CSA initiated a policy project relating to ATM distributions, leading to the publication of proposals for comment on May 9, 2019. The CSA received written submissions from seven commenters and revised the proposals to reflect some of the comments received.
The CSA Notice of Amendments to National Instrument 44-102 Shelf Distributions and its related companion policy are 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.
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
Sylvain Théberge Autorité des marchés financiers 514-940-2176
Brian Kladko British Columbia Securities Commission 604-899-6713
Sara Wilson Financial and Consumer Services Commission, New Brunswick 506-643-7045
Renée Dyer Office of the Superintendent of Securities Newfoundland and Labrador 709-729-4909
Jeff Mason Nunavut Securities Office 867-975-6591
Shannon McMillan Financial and Consumer Affairs Authority of Saskatchewan 306-798-4160
Hilary McMeekin Alberta Securities Commission 403-592-8186
Jason Booth The Manitoba Securities Commission 204-945-1660
Steven Dowling Government of Prince Edward Island Superintendent of Securities 902-368-4550
David Harrison Nova Scotia Securities Commission 902-424-8586
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