Overview
On May 30, 2013, the Canadian Securities Administrators
published final amendments to the applicable securities rules that
significantly expand the range of permissible
“pre-marketing” and “marketing” activities
undertaken by issuers and investment dealers in connection with
prospectus offerings. The amendments will come into force on August
13, 2013.
The amendments, primarily to National Instrument 41-101
General Prospectus Requirements and National Instrument
44-101 Short Form Prospectus Distributions, allow, among
other things: (a) non-reporting issuers, through their investment
dealers, to communicate with “accredited investors”
prior to filing a preliminary prospectus for an initial public
offering; (b) the expanded use of “marketing materials”
for prospectus offerings; and (c) bought deals to be up-sized and
bought deal syndicates to be enlarged. The amendments also clarify
and provide guidance on certain prospectus offering practices
including
