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ARTICLE · 02 FEBRUARY 2023

Changes To Offering Memorandum Prospectus Exemption – Will New Issues Be Grounded?

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On December 8, 2022, the Canadian Securities Administrators published amendments to National Instrument 45-106 Prospectus Exemptions relating to the offering memorandum prospectus exemption.

CanadaReal Estate and Construction
AUM Law
AUM Law
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On December 8, 2022, the Canadian Securities Administrators (CSA) published amendments (the Amendments) to National Instrument 45-106 Prospectus Exemptions relating to the offering memorandum (OM) prospectus exemption (the OM Exemption). The Amendments will impose significant new and additional disclosure requirements on issuers that are engaged in "real estate activities" (Real Estate Issuers) and issuers that are "collective investment vehicles" (CIVs). The Amendments are intended to clarify the disclosure framework for Real Estate Issuers and CIVs, with the objective of providing better information for investors. We wrote about the proposed amendments (the Proposals) when they were introduced in September 2020.

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