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ARTICLE · 26 JUNE 2023

LIFE's Big Questions Answered

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With close to half a billion dollars worth of securities qualified under the listed issuer financing exemption (LIFE) since it became effective in November 2022...

CanadaCorporate/Commercial Law
Laura Levine
Laura Levine
Cameron A. MacDonald
Cameron A. MacDonald
Graeme Martindale
Graeme Martindale
Andrew Powers
Andrew Powers
Michael Vandenberghe
Michael Vandenberghe
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With close to half a billion dollars worth of securities qualified under the listed issuer financing exemption (LIFE) since it became effective in November 2022, the Canadian Securities Administrators (CSA) have set out responses to a number of questions related to LIFE in a new Staff Notice.

Takeaways

  • The CSA are of the view that LIFE can be used to qualify a bought deal offering only if (i) the actual purchaser has all rights contemplated under LIFE and will be named in the report of exempt distribution and (ii) any marketing of the offering complies with LIFE so that no solicitations occur under LIFE prior to the issuance and filing of the news release and completed LIFE offering document.

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