OSC Publishes Procedural Directives Regarding PIF And Other Prospectus Filing Matters

The Ontario Securities Commission published a staff notice today to advise of procedural changes relating to the review of personal information forms (PIFs) in connection with prospectus offerings. The notice also gives guidance on dealing with common deficiencies found by OSC Staff in preliminary prospectus filings and on timing issues related to issuances of prospectus receipts. As part of the procedural changes relating to PIFs, the OSC is asking that prescribed information be set out in cover letters accompanying the materials filed with a preliminary prospectus in order to facilitate its review of PIFs. The notice also reminds issuers that where an issuer has reason to believe that information contained in a previously filed PIF has materially changed, the issuer should deliver a new PIF for that individual concurrent with filing its preliminary prospectus. For more information, see OSC Staff Notice 41-702.