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ARTICLE · 24 SEPTEMBER 2015

Shrink-Wrapped: Why Foreign Issuers May Still Require A Canadian Wrapper

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In June of this year, when Canadian securities regulators made a number of amendments1 designed to reduce the disclosure burden on foreign issuers privately placing securities in Canada...

CanadaCorporate/Commercial Law
Margaret McNee
Margaret McNee
Jason A. Chertin
Jason A. Chertin
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In June of this year, when Canadian securities regulators made a number of amendments1 designed to reduce the disclosure burden on foreign issuers privately placing securities in Canada, there was celebration over the demise of the venerable Canadian 'wrapper.'

These amendments took effect on September 8, 2015. While they provide welcome relief for foreign companies privately placing their securities in Canada to permitted clients, the same cannot necessarily be said for foreign issuers who are classified as investment funds under Canadian securities law2 and their international investment fund managers ("IFMs"). In a number of circumstances, including where international IFMs employ an affiliated dealer to distribute securities in Canada, a slimmed-down Canadian wrapper may still be required or advisable.

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