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ARTICLE · 31 JANUARY 2024

CSA Implements "Access Equals Delivery" Model For Prospectuses

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On January 11, 2024, the Canadian Securities Administrators (CSA) published the final amendments to several national instruments and policies to adopt an "access equals delivery" model (the AED Model)...

CanadaCorporate/Commercial Law
David Forrester
David Forrester
Michael Zackheim
Michael Zackheim
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On January 11, 2024, the Canadian Securities Administrators (CSA) published the final amendments to several national instruments and policies to adopt an "access equals delivery" model (the AED Model), which would allow reporting issuers (other than investment funds) to satisfy the requirement to deliver certain prospectuses by (i) publicly filing the document on SEDAR+, and (ii) issuing and filing a news release announcing that the document is publicly available on SEDAR+ and that a paper or electronic copy can be obtained upon request.

What you need to know

  • The amendments apply to all non-investment fund reporting issuers, including venture issuers.
  • The amendments apply to all types of prospectuses (long-form, short-form, shelf, post-receipt pricing), except prospectuses for rights offerings, medium-term note offerings and other continuous distributions under a shelf prospectus.

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