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ARTICLE · 10 JANUARY 2012

CSA Propose Amendments To Prospectus "Pre-Marketing" And "Marketing"

Heenan Blaikie LLP
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On November 25, 2011, the Canadian Securities Administrators (CSA) published for comment proposed amendments to National Instrument 41 – 101 "General Prospectus Requirements" and other rules, which, if adopted, would increase the range of permissible "pre-marketing" and "marketing" activities in connection with prospectus offerings by issuers other than mutual funds.

CanadaFinance and Banking
Heenan Blaikie'S Securities & Finance Group
Heenan Blaikie'S Securities & Finance Group

On November 25, 2011, the Canadian Securities Administrators (CSA) published for comment proposed amendments to National Instrument 41 – 101 General Prospectus Requirements and other rules, which, if adopted, would increase the range of permissible "pre-marketing" and "marketing" activities in connection with prospectus offerings by issuers other than mutual funds.

HIGHLIGHTS

The proposed amendments would:

  • allow non-reporting issuers, through an investment dealer, to determine interest in a potential initial public offering (IPO) by communicating with permitted institutional investors;
  • allow the use of term sheets as a marketing tool;
  • prescribe new requirements governing road shows; and

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