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ARTICLE · 21 APRIL 2006

Overhaul of the Short Form Prospectus System

Borden Ladner Gervais LLP
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Effective December 30, 2005, the system for the use of short form prospectuses in Canada was substantially overhauled. Certain requirements that an issuer had to meet have been removed, leaving a more streamlined system.

CanadaFinance and Banking
Graeme Martindale
Graeme Martindale
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Effective December 30, 2005, the system for the use of short form prospectuses in Canada was substantially overhauled. Certain requirements that an issuer had to meet have been removed, leaving a more streamlined system. We issued an advisory bulletin outlining these changes last November, which can be found at www.blgcanada.com at Publications; go to Current then Capital Markets. We’ve summarized that information here and have also included some additional information respecting developments since the changes came into effect.

What is Gone?

Before the overhaul, the basic qualifications which an issuer was required to meet in order to use a short form prospectus included having a 12-month reporting issuer history prior to the filing of its initial annual information form (AIF) and having an aggregate public float of $75,000,000 for its equity securities.

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