Canadian Developments Affecting Cross-Border Offerings Of Securities

With cannabis companies dominating the headlines in 2018, it was easy to overlook other Canadian developments affecting capital markets activities. In this article, we focus on key developments impacting cross-border offerings of securities, including several rules which together facilitate the distribution and resale of securities outside of Canada, something akin to "Regulation S" in the United States. We also highlight certain considerations applicable to U.S.-only initial public offerings (IPOs) by Canadian issuers as well as an important difference between Canadian and U.S. practice relating to the ability to confidentially submit a draft prospectus in connection with an offering.