Alberta Increases Access To Private Placements For Institutional Investors

Blanket Order 45-514 Re Certain Private Placements

By blanket order granted November 20, 2014, the Alberta Securities Commission (ASC) removed barriers to participation by institutional investors in private placements by foreign issuers by addressing three requirements that are unique to Canada. The order grants:

• An exemption from Multilateral Instrument 51-105 Issuers Quoted in the U.S. Over-the-Counter Markets (MI 51-105), which may cause certain issuers having a class of securities quoted on a U.S. over-the-counter market to become subject to Canadian ongoing disclosure requirements
• An exemption from the requirement to provide underwriter conflicts disclosure under National Instrument 33-105 Underwriting Conflicts (NI 33-105), both on the front page and in the body of an offering document