CSA Propose Amendments To Create Permanent WKSI Shelf Prospectus Regime

Overview

On September 21, 2023, the Canadian Securities Administrators (the "CSA") issued a CSA Notice and Request for Comment (the "Notice") seeking public comment on a proposed expedited prospectus regime for well-known seasoned issuers ("WKSIs"). The Notice proposes to amend National Instrument 44-102 Shelf Distributions ("NI 44-102") relating to base shelf prospectus requirements for WKSIs (the "Proposed Amendments").

The Proposed Amendments reflect an attempt by the CSA to permanently streamline the base shelf prospectus process for WKSIs in order to foster efficient capital raising in Canadian public markets. The Proposed Amendments will permit WKSIs to:

• file a final base shelf prospectus and be deemed to receive a receipt for that prospectus without first filing a preliminary base shelf prospectus or undergoing any regulatory review;