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ARTICLE · 03 MARCH 2015

CSA Announces Amendments To National Instrument 45-106

Osler, Hoskin & Harcourt LLP
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The Canadian Securities Administrators recently announced amendments to National Instrument 45-106 Prospectus and Registration Exemptions which are expected to come into force on May 5, 2015.

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Osler, Hoskin & Harcourt LLP
Osler, Hoskin & Harcourt LLP
John Black
John Black
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The Canadian Securities Administrators (CSA) recently announced amendments to National Instrument 45-106 Prospectus and Registration Exemptions (NI 45-106) which are expected to come into force on May 5, 2015. The following changes to the prospectus exemption regime will be of particular interest to participants in the investment funds and asset management industry:

  • The "managed account" category of accredited investor is now available in Ontario, harmonizing this exemption across Canada. This means that all discretionary accounts managed by a registered portfolio manager or adviser in Ontario may purchase exempt market securities, including private investment funds, regardless of whether the beneficial account holder qualifies for a prospectus exemption. In making this change, the Ontario Securities Commission recognizes that registered advisers have sufficient financial expertise and familiarity with their clients' circumstances to invest in exempt market

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