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ARTICLE · 11 AUGUST 2006

CSA Notice 46-303 Puts PPNs on the Radar

Stikeman Elliott LLP
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Canadian Securities Regulators publish their concerns in relation to the distribution, sale and regulation of Principal Protected Notes

CanadaFinance and Banking
Simon Romano
Simon Romano
Philip Henderson
Philip Henderson
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Canadian Securities Regulators publish their concerns in relation to the distribution, sale and regulation of Principal Protected Notes

On July 7, 2006 the Canadian Securities Regulators (CSA) released CSA Notice 46-303 – Principal Protected Notes (the Notice), detailing their concerns about the distribution and sale of this type of investment, and mapping out the CSA’s proposed approach. This is not a new topic for the securities regulators in Canada, and something like this Notice has been anticipated for a year or more.

Why are PPNs being targeted for review?

PPNs are investment products that consist of two parts: a guaranteed return of principal and a non-guaranteed potential to earn returns based on the performance of an underlying investment.

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