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ARTICLE · 20 APRIL 2016

Harmonized Report Of Exempt Distribution Finalized By Canadian Securities Regulators

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New rules relating to reports filed with Canadian securities regulators in connection with private placements are expected to come into force on June 30, 2016.

CanadaCorporate/Commercial Law

New rules relating to reports filed with Canadian securities regulators in connection with private placements are expected to come into force on June 30, 2016. The new rules eliminate the fragmented reporting requirements across the country by introducing a single form of report for all Canadian jurisdictions. However, the additional information requested under the new form of report may increase the compliance burden for issuers and underwriters.

Gowling WLG Focus

Currently, issuers and underwriters who rely on certain prospectus exemptions to distribute securities need to file different reports in different jurisdictions: Form 45‑106F6 in British Columbia and Form 45‑106F1 in all other Canadian jurisdictions. Under the new rules, reports for most private placements will be filed under an amended Form 45-106F1 in all jurisdictions.

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