Canadian Wrapper Exemptions Implemented As Rules

The Canadian securities regulators have finalized rule changes that would enable foreign issuers (including governments) to make private placement offerings to permitted clients in Canada as part of a global offering without a Canadian wrapper, subject to certain conditions. The rules will come into effect on September 8, 2015.

The exemptions address underwriter conflicts disclosure, the description of statutory rights of action, and requirements to obtain regulatory permission to make a statement in the offering document about a proposed listing of the offered securities.

The rule changes will be implemented through:

• Amendment to National Instrument 33-105 Underwriting Conflicts