OSC Proposes Rule For Distributions Outside Of Canada

The Ontario Securities Commission (the "OSC") has published for comment Proposed OSC Rule 72 503 – Distributions Outside of Canada and its related companion policy (the "Proposed Rule"). The OSC has requested comment on the Proposed Rule by September 28, 2016.

Proposed Prospectus Exemptions

The Proposed Rule creates four new prospectus exemptions. Compliance with the securities laws of the relevant foreign jurisdiction is a condition to the availability of each exemption. The proposed exemptions are as follows:

1. Distributions under Public Offering Document in Foreign Jurisdictions: The Ontario prospectus requirement would not apply where (i) the issuer has filed a registration statement in accordance with the United States Securities Act of 1933 registering the securities in connection with the distribution, and the registration has become effective, or (ii) the issuer has filed a document similar to a final prospectus for which a receipt or similar