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ARTICLE · 29 APRIL 2015

The CSA Proposes Amendments To The Passport System

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The CSA has requested comments with respect to the amendments to the Passport System by June 15, 2015.

CanadaCorporate/Commercial Law
Juliamai Giffen
Juliamai Giffen
Kwang Lim
Kwang Lim
Stephanie Romano
Stephanie Romano
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On April 16, 2015, the Canadian Securities Administrators (CSA), except for the Ontario Securities Commission (OSC), published a notice and request for comments on proposed amendments to Multilateral Instrument 11-102 - Passport System.

The CSA's proposed amendments expand MI 11-102 to include two new areas: (1) applications to cease to be a reporting issuer; and (2) the issuance, revocation or variation of failure-to-file cease trade orders. If adopted, the proposed amendments would:

  • facilitate multi-jurisdictional applications to cease to be a reporting issuer by allowing most reporting issuers who meet the criteria to file an application in only one jurisdiction; and
  • streamline the issuance, revocation and variation of failure-to-file cease trade orders by giving effect to the cease trade order issued by one securities regulator in all jurisdictions where the issuer is a reporting issuer.

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