CSA Approve Amendments To Prospectus Rules

Highlights

• changes to clarify and streamline prospectus rules and codify certain previously-granted prospectus relief
• changes to personal information forms of directors and officers and a requirement that non-Canadian directors attorn to Canadian jurisdiction
• additional disclosure regarding use of proceeds of best efforts offering
• additional disclosure requirements for investment funds
• the changes are largely the same as amendments proposed in July 2011
• the amendments will be effective on May 14, 2013

The Canadian Securities Administrators (CSA) have approved final amendments to the prospectus requirements under Canadian securities laws, as well as certain consequential amendments to other rules. The amendments result from proposed amendments that were published for comment in July 2011 (the July 2011 Proposals), and are very similar to those proposals – see our July 2011 Blakes Bulletin: CSA Publishes Proposed Amendments to Prospectus Requirements