Reminder: Everything Old Is New Again – Interim Financial Statements

For collective investment vehicles with December 31 year ends, upcoming interim financial statement deadlines should be on your radar. In particular, issuers that rely on the offering memorandum (OM) prospectus exemption in Ontario are subject to new requirements regarding interim financial reports this year.

You may recall reading about the new requirements for issuers relying on the OM prospectus exemption in National Instrument 45-106 Prospectus Exemptions that took effect on March 8, 2023 (the Amendments). There is a new requirement for an issuer to amend its OM to include interim financials for the most recently completed six-month period where a distribution is ongoing if more than 60 days have elapsed since the end of the second interim period. For issuers with a December 31^st year end, this means addressing this requirement by August 29^th. Amending an OM to include the semi-annual financials may necessitate updates to other disclosure in the OM to ensure