Important Reminder: Deadline To File Reports Of Exempt Distribution With Precision

Investment funds that utilize the option in National Instrument 45-106 – Prospectus Exemptions (NI 45-106) to file Reports of Exempt Distribution on Form 45-106F1 (Reports) once a year should start to consider populating the required information now.

As you may recall, to rely on many of the exemptions in NI 45-106, issuers must report prospectus-exempt distributions to every securities regulator where a distribution of securities was made in that jurisdiction. Generally, the filing deadline is ten days after the date of distribution. Investment funds, however, can file their forms once a year by January 30 for distributions made in the preceding year in reliance upon the accredited investor, minimum amount, or additional investment in fund units exemptions. Distributions made by an investment fund in reliance on other prospectus exemptions may need to be reported to the relevant securities authorities within ten days of the distribution.