CSA Propose Amendments To Reduce Compliance Burden For Private Placement Reports On Form 45-106F1

On June 8, 2017, the Canadian Securities Administrators (CSA) published for comment proposed amendments to Form 45-106F1, the form used for private placement reporting in Canada. The proposed amendments are intended to address concerns expressed by non-Canadian dealers and Canadian institutional investors regarding the impact on private offerings into Canada of the June 2016 changes to the Form's certification and other information requirements.

The most important proposed amendments would revise the Form's certification language by, among other things, adding a knowledge qualifier (based on reasonable diligence), clarifying that the individual certifying the report is doing so on behalf of the issuer or underwriter and adopting a corporate style signature block.