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ARTICLE · 16 SEPTEMBER 2005

New Opportunities in Québec’s Financial Markets

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In an ongoing effort by the Autorité des marchés financieres ("AMF") to harmonize Québec’s securities laws with other Canadian jurisdictions, the AMF will adopt Regulation 45-106 Respecting Prospectus and Registration Exemptions ("NI 45-106") on September 14, 2005. Combined with the repeal of certain sections of the Regulation Respecting Securities ("Regulation") on August 24th, 2005, issuers and brokers in Québec will now have access to a greater pool of potential investors and a capital raisin

CanadaFinance and Banking
McMillan LLP
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In an ongoing effort by the Autorité des marchés financieres ("AMF") to harmonize Québec’s securities laws with other Canadian jurisdictions, the AMF will adopt Regulation 45-106 Respecting Prospectus and Registration Exemptions ("NI 45-106") on September 14, 2005. Combined with the repeal of certain sections of the Regulation Respecting Securities ("Regulation") on August 24th, 2005, issuers and brokers in Québec will now have access to a greater pool of potential investors and a capital raising process that is as efficient and cost-effective as that of any other Canadian jurisdiction. Issuers can look forward to the elimination of certain pre-authorizing exemptions from the AMF and a uniform post closing filing document. In addition, advertising for private placements will now be permitted for the first time.

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