In December 2022, the Canadian Securities Administrators announced the adoption of amendments to National Instrument 45-106 Prospectus Exemptions applicable to issuers engaged in real estate activities or acting as collective investment vehicles.

As we discussed in an earlier post, the amendments were first proposed in September 2020 and will introduce new disclosure obligations to such issuers that are using the offering memorandum exemption found in section 2.9 of NI 45-106. The amendments as approved incorporate non-material changes in response to stakeholder comments in response to the earlier proposal.

Having now received Ministerial approval, the amendments will come into force on March 8, 2023.