Changes Expected to Limit Canadian "Wrapper"
Sales in British Columbia
New private placement trade reporting requirements came into
effect in British Columbia on October 3, 2011. The British Columbia
Securities Commission (BCSC) has now also introduced some limited
exemptions from these new requirements.
When are Canadian Private Placement Trade Reports
Required?
A private placement trade report must be filed when newly-issued
securities are sold by an issuer, or an underwriter on its behalf,
in reliance upon one of the exemptions from the Canadian prospectus
requirements that triggers a requirement to report the use of that
exemption. The report must be filed within ten calendar days of the
completion of the distribution of securities. However, for an
investment fund (within the meaning of Canadian securities laws), a
single report may be filed within 30 days of the fund's
financial year-end covering all securities distributed during that
financial year.
