SEC Announces Timing For Elimination Of MJDS Form F-9

On July 27, 2011, the U.S. Securities and Exchange Commission (SEC) issued its final rule release (the Final Release) setting out the timing and other details for the elimination of Form F-9, which currently allows eligible Canadian issuers to register investment-grade debt and preferred securities for sale in the United States utilizing the U.S.-Canada Multi-jurisdictional Disclosure System (MJDS).¹ The Final Release also makes related amendments to Form 40-F,² the MJDS annual report form used by eligible Canadian issuers. The SEC's action follows its February 9, 2011 proposal based on the provisions of Section 939A of the Dodd-Frank Wall Street Reform and Consumer Protection Act, which requires the SEC to remove references to or requirements relying on credit ratings in its regulations.