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ARTICLE · 05 DECEMBER 2011

CSA Propose Pre-Marketing And Marketing Amendments To Prospectus Rules

Blake, Cassels & Graydon LLP
Blake, Cassels & Graydon LLP
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The Canadian Securities Administrators (CSA) have published a Request for Comment proposing amendments to the Canadian prospectus rules relating to bought deals, term sheets and road shows used to market public offerings.

CanadaFinance and Banking
Blake, Cassels & Graydon LLP
Blake, Cassels & Graydon LLP
Brendan Reay
Brendan Reay
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Copyright 2011, Blake, Cassels & Graydon LLP

Originally published in Blakes Bulletin on Securities, November 2011

Highlights

  • Upsizing of bought deals and adding underwriters to bought deal offerings permitted, subject to conditions
  • Investment dealers permitted to distribute term sheets for prospectus offerings to potential investors
  • Conditions and limitations proposed for investor road shows
  • New exemption permitting issuers and investment dealers to "test the waters" for certain IPOs

The Canadian Securities Administrators (CSA) have published a Request for Comment proposing amendments to the Canadian prospectus rules relating to bought deals, term sheets and road shows used to market public offerings. Under the proposed amendments, issuers would be permitted to upsize a bought deal; term sheets and road shows would be permitted for use in marketing public offerings, subject to specified conditions and restrictions; and issuers and investment

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