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ARTICLE · 29 SEPTEMBER 2010

Canadian Securities Administrators Publish Factors for Assessing IPO Share Structure

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On September 24, 2010, the Canadian Securities Administrators (the CSA) published Staff Notice 41-305 "Share Structure Issues – Initial Public Offerings" (the Notice) with a stated view to providing insight into the factors considered by the regulators when assessing a proposed share structure in an initial public offering (IPO).

CanadaFinance and Banking
Blake, Cassels & Graydon LLP
Blake, Cassels & Graydon LLP
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Copyright 2010, Blake, Cassels & Graydon LLP

Originally published in Blakes Bulletin on Securities Regulation, September 2010

On September 24, 2010, the Canadian Securities Administrators (the CSA) published Staff Notice 41-305 Share Structure Issues – Initial Public Offerings (the Notice) with a stated view to providing insight into the factors considered by the regulators when assessing a proposed share structure in an initial public offering (IPO).

The Notice indicates that the CSA have encountered a number of IPOs by issuers with share structures that led the CSA to question whether those structures are contrary to the public interest. This has resulted in a recommendation against the issuance of a receipt for the prospectus on such offerings.

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