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Canada Canadian Securities Administration Prospectus

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Exempt Market Dealers Granted Limited Access to Prospectus Offerings

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Exempt Market Dealers (EMDs) in several Canadian provinces—British Columbia, Alberta, Saskatchewan, Ontario, Quebec and Nova Scotia—can now, under certain conditions, participate in prospectus offerings as part of a selling...more

Stikeman Elliott LLP

CSA Announce Final Amendments to Implement an “Access Equals Delivery” Model for Prospectuses of Non-Investment Fund Reporting...

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On January 11, 2024, the Canadian Securities Administrators (“CSA”) announced final amendments and changes to implement an "access equals delivery" model for prospectuses of non-investment fund reporting issuers (the “Access...more

Bennett Jones LLP

Greater Flexibility for Reporting Issuers: Access Equals Delivery

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As an update to our blog post dated April 19, 2022, on January 11, 2024, the Canadian Securities Administration (CSA) published amendments implementing an "Access Equals Delivery" model (AED Model) to generally permit...more

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Canadian Securities Regulators Propose Permanent Expedited Well-Known Seasoned Issuer Program

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On September 21, 2023, the Canada Securities Administrators (CSA) published a notice and request for comment regarding proposed amendments to National Instrument 44-102—Shelf Distributions (NI 44-102) and other securities law...more

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CSA Propose Amendments to Shelf Prospectus Regime for WKSIs

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On September 21, 2023, the Canadian Securities Administrators (“CSA”) announced proposed amendments to National Instrument 44-102 Shelf Distributions (“NI 44-102”) relating to well-known seasoned issuers ("WKSIs")as well as...more

Stikeman Elliott LLP

CSA Provide Guidance on the Listed Issuer Financing Exemption

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On June 1, 2023, the Canadian Securities Administrators (CSA) published CSA Staff Notice 45-330: Frequently Asked Questions about the Listed Issuer Financing Exemption (the Notice) providing guidance on questions market...more

Stikeman Elliott LLP

Enhanced Disclosure Rules Coming into Effect for Issuers Involved in Real Estate Activities or Acting as Collective Investment...

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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...more

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Ontario Securities Commission Reverts to Pre-Covid Shorter Prospectus Review Periods

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The Ontario Securities Commission (OSC) has announced that it will return to its pre-December 7, 2021, service standard timelines and commitments for prospectus reviews effective January 9, 2023, given market changes and...more

Stikeman Elliott LLP

CSA Welcomes New Capital Raising Prospectus Exemption for Listed Issuers

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Seasoned reporting issuers with equity securities listed on a Canadian stock exchange will have the ability to raise capital (up to the greater of $5 million and 10% of their market capitalization (to a maximum of $10...more

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New Prospectus Exemption for Listed Issuers to Come Into Effect November 21, 2022

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The Canadian Securities Administrators (CSA) recently announced an amendment to National Instrument 45-106 Prospectus Exemptions (NI 45-106) that introduces a new prospectus exemption (the Listed Issuer Financing Exemption)...more

Dorsey & Whitney LLP

Raising U.S. Funds Under Canada’s New “Listed Issuer Financing Exemption”

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​​​​​​​As many of our readers will have heard, the Canadian Securities Administrators (“CSA”) has announced the adoption of a new prospectus exemption for certain reporting issuers listed on a Canadian stock exchange (the...more

Stikeman Elliott LLP

CSA Propose “Access Equals Delivery” Model For Prospectuses and Certain Continuous Disclosure Documents

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The Canadian Securities Administrators (CSA) proposal to permit electronic delivery, published on April 7, 2022, is intended to modernize the way documents are made available to investors while also reducing the costs borne...more

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CSA Propose Modernization of Prospectus Filing for Investment Funds

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Proposed modernization of certain investment fund prospectus filing rules would extend lapse date to 24 months. CSA also considering introducing base shelf filing for all investment funds....more

Blake, Cassels & Graydon LLP

Dispenses temporaires de certaines obligations dans les prospectus préalables de base pour les émetteurs établis bien connus

Le 6 décembre 2021, conformément à l’Avis 44-306 du personnel des ACVM, Décisions générales dispensant les émetteurs établis bien connus de certaines obligations relatives au prospectus (l’« Avis 44-306 »), les Autorités...more

Blake, Cassels & Graydon LLP

CSA Introduces Temporary Exemptions for Well-Known Seasoned Issuers from Certain Base Shelf Prospect

On December 6, 2021, pursuant to Staff Notice 44-306 Blanket Orders Exempting Well-known Seasoned Issuers from Certain Prospectus Requirements (the Notice), the Canadian Securities Administrators (CSA) announced temporary...more

Stikeman Elliott LLP

Temporary Relief Will Provide Well-Known Seasoned Issuers (WKSIs) with Accelerated Access to Public Markets

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Beginning in 2022, well-known seasoned issuers (WKSIs) will be exempt from certain base shelf prospectus filing requirements, including the requirement to file a preliminary base shelf prospectus, in accordance with...more

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Alberta and Saskatchewan's New Self-Certified Investor Prospectus Exemption

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On March 31, 2021, securities regulators in Alberta and Saskatchewan adopted a new self-certified investor prospectus exemption, in effect for the next three years (expiring April 1, 2024), to increase capital access and...more

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Alberta Securities Commission Proposes New Prospectus Exemptions for Small Business: Seeks Comments

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On March 25, 2021, the Alberta Securities Commission (ASC) proposed two new prospectus exemptions to promote investment opportunities for small businesses in Alberta, and is seeking written submissions with respect to the...more

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Amendments to NI 51-102 Continuous Disclosure Obligations Related to Business Acquisition Reports

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The Canadian Securities Administrators recently published amendments to National Instrument 51-102 Continuous Disclosure Requirements (NI 51-102) related to the Business Acquisition Report (BAR) requirements. The amendments...more

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Mining Interest in ATMs Spikes in Canada

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Canadian mining issuers are showing an increased interest in at-the-market equity programs (ATMs) to access funding. Since July 2019, ATM offerings on Canadian exchanges worth well over $500 million have been announced in the...more

Dorsey & Whitney LLP

SEC Issues No Action Letter Regarding Canadian Companies’ Registration of Rights Offerings on MJDS Form F-7

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In December 2015, the Canadian Securities Administrators (CSA) announced an amended regime for a prospectus-exempt rights offering in Canada. This amended regime allows certain public companies in Canada to conduct a...more

Bennett Jones LLP

Harmonized Reporting for Private Placements (with Increased Disclosure Requirements)

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An issuer that distributes securities to the public must either file a prospectus with securities regulatory authorities and deliver such prospectus to prospective purchasers, or rely upon a prospectus exemption available...more

Dickinson Wright

CSA Announces Amendments to National Instrument (NI) 45-106

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On February 19, 2015, the Canadian Securities Administrators (“CSA”) announced the adoption of changes to the accredited investor and minimum amount investment prospectus exemptions, among other changes. The amendments are...more

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Securities Regulators in British Columbia, New Brunswick and Saskatchewan Propose Prospectus Exemption for Certain Distributions...

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On April 16, 2015, the securities regulatory authorities in British Columbia, New Brunswick and Saskatchewan (the Participating Jurisdictions) published Multilateral CSA Notice 45-315 Proposed Prospectus Exemption for Certain...more

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CSA Announce Amendments to Accredited Investor, Minimum Amount and Short-Term Debt Prospectus Exemption Rules

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On February 19, 2015, the Canadian Securities Administrators (CSA) announced amendments to National Instrument 45-106 Prospectus and Registration Exemptions (NI 45-106), which are expected to come into force this spring....more

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