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ARTICLE · 19 AUGUST 2015

Reports Of Exempt Distribution: CSA Proposals That Both Hurt And Help Issuers

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The Canadian Securities Administrators have proposed amendments to the rules relating to reports filed with securities regulators in connection with private placements.

CanadaCorporate/Commercial Law
Martine Guimond
Martine Guimond
Bin Zeng
Bin Zeng
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The Canadian Securities Administrators have proposed amendments to the rules relating to reports filed with securities regulators in connection with private placements. The proposed amendments aim to introduce a new harmonized report of exempt distribution across Canada, which issuers will appreciate. However, some of the information requested under the proposed form of report may lead to a greater compliance burden.

Objectives

Currently, issuers seeking to rely on prospectus exemptions are required to file two different forms of report of exempt distribution: Form 45-106F1 in all Canadian jurisdictions except British Columbia, and Form 45-106F6 in British Columbia.  The proposed amendments would introduce a new harmonized report for all Canadian jurisdictions so as to reduce the compliance burden for issuers.  The new harmonized report would also provide securities regulators with additional information to facilitate regulatory oversight and policy development for

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