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ARTICLE · 21 MARCH 2014

Canadian Securities Regulators Propose New Short-Term Securitized Product Exemption: Part II

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The CSA have published for comment proposed amendments to National Instrument 45-106 Prospectus and Registration Exemptions.

CanadaFinance and Banking
Brian Koscak
Brian Koscak
Alison Manzer
Alison Manzer
Jonathan Fleisher
Jonathan Fleisher
Michael Brown
Michael Brown
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The Canadian Securities Administrators (the "CSA") have published for comment proposed amendments (the "2014 Proposals") to National Instrument 45-106 Prospectus and Registration Exemptions ("NI 45-106"). The 2014 Proposals seek to:

  • amend the existing prospectus exemption relating to short-term debt securities by imposing different credit rating requirements and restricting its use to non-securitized products (the Short-Term Debt Exemption) and 
     
  • create a new prospectus exemption for the sale of short-term securitized products backed by traditional or conventional assets (the Short-Term Securitized Product Exemption).

Part I of this series discussed the proposed Short Term Debt Exemption which includes a discussion on the background leading to the publication of the 2014 Proposals. This Part II discusses the proposed Short-Term Securitized Product Exemption.

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