Timely Disclosure

Timely Disclosure

Updates and Commentary on Current issues in M&A, Corporate Finance and Capital Markets

Category Archives: Distribution Exemptions

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Comprehensive Crowdfunding Rules Published in Final Form

Posted in Crowdfunding, Distribution Exemptions, Public Offering and Exemptions, Securities, Securities Regulatory Authorities
On November 5, 2015 securities regulatory authorities in Manitoba, Ontario, Quebec, New Brunswick and Nova Scotia (Participating Jurisdictions) published in final form the long awaited crowdfunding regime: Multilateral Instrument 45-108 Crowdfunding (Crowdfunding Regime) which includes a crowdfunding prospectus exemption (Crowdfunding Exemption) and a registration framework for funding portals. The Crowdfunding Regime is set to come into… Continue Reading

Relief from certain Client Relationship Model Phase 2 (CRM2) Amendments

Posted in CSA, Distribution Exemptions, OSC, Securities, Securities Regulatory Authorities
The OSC has published decisions relating to certain relief from the CRM2 requirements that were to come into effect during 2015 and 2016.  The relief is consistent with that set out in CSA Staff Notice 31-341 – Omnibus/Blanket Orders Exempting Registrants from Certain CRM2 Provisions of National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant… Continue Reading

Modifications récentes au Règlement 45-106 : Ce que l’industrie des fonds d’investissement doit savoir

Posted in CSA, Distribution Exemptions, Investment Funds and Structured Products, Securities, Securities Regulatory Authorities
Les Autorités canadiennes en valeurs mobilières (les ACVM) ont récemment publié les modifications définitives qu’elles entendent apporter au Règlement 45-106 sur les dispenses de prospectus et d’inscription (qui sera d’ailleurs renommé le Règlement sur les dispenses de prospectus) (le Règlement 45-106). Ces modifications concernent les dispenses de prospectus fondées sur l’investissement d’une somme minimale ainsi que… Continue Reading

Recent amendments to NI 45-106 : What the Fund Management Industry Needs to Know

Posted in CSA, Distribution Exemptions, Investment Funds and Structured Products, Securities, Securities Regulatory Authorities
The Canadian Securities Administrators (CSA) recently published final amendments to National Instrument 45-106 Prospectus and Registration Exemptions (to be renamed Prospectus Exemptions) (NI 45-106) relating to the accredited investor and minimum amount investment prospectus exemptions. Subject to Ministerial approval, the amendments will come into force on May 5, 2015. Key Changes From a fund manager/dealer’s perspective, the key… Continue Reading

A New National Rights Offering Exemption

Posted in Continuous Disclosure, CSA, Distribution Exemptions, Investment Funds and Structured Products, Public Offering and Exemptions, Securities, Securities Regulatory Authorities
On November 27, 2014, the Canadian Securities Administrators (CSA) published for comment proposed amendments to various National Instruments which, if adopted, would overhaul how rights offerings under the rights offering prospectus exemption are conducted. The amendments would also have minor revisions to the requirements of rights offerings conducted by way of prospectus.  The CSA indicate… Continue Reading

Equity Crowdfunding – BCSC Requests Comments on Possible Start-Up Crowdfunding Exemption

Posted in BCSC, Crowdfunding, Distribution Exemptions, Securities Regulatory Authorities
The British Columbia Securities Commission (BCSC) has issued a notice dated March 20, 2014 requesting comments on whether the BCSC should consider adopting an exemption which would allow equity financings of small amounts raised from many individuals (as a form of Crowdfunding) through online portals (Portals) to be exempt from the prospectus requirements.  The notice… Continue Reading

Equity Crowdfunding: The OSC Crowdfunding Exemption

Posted in Crowdfunding, CSA, Distribution Exemptions, Securities, Securities Regulatory Authorities
On March 20, 2014, the Ontario Securities Commission (OSC) published a Notice and Request for Comment proposing four new capital raising prospectus exemptions in Ontario.  As previously discussed in Timely Disclosure, the OSC initiated a consultation process in December 2013 to consider prospectus  exemptions to facilitate capital raising. One of the new exemptions proposed is the crowdfunding… Continue Reading

Equity Crowdfunding: The CSA Crowdfunding Portal Requirements

Posted in Crowdfunding, CSA, Distribution Exemptions, Securities, Securities Regulatory Authorities
The Autorité des marchés financiers (Québec), the Financial and Consumer Affairs Authority of Saskatchewan, Financial and Consumer Services Commission of New Brunswick, the Manitoba Securities Commission and the Nova Scotia Securities Commission (CSA Participating Jurisdictions) published on March 20, 2014 for a 90-day comment period the integrated Crowdfunding Prospectus Exemption (Crowdfunding Exemption); and the draft… Continue Reading

Equity Crowdfunding: The CSA Crowfunding Exemption

Posted in Crowdfunding, CSA, Distribution Exemptions, Securities, Securities Regulatory Authorities
The Autorité des marchés financiers (Québec), the Financial and Consumer Affairs Authority of Saskatchewan, Financial and Consumer Services Commission of New Brunswick, the Manitoba Securities Commission and the Nova Scotia Securities Commission (CSA Participating Jurisdictions) published on March 20, 2014 for a 90-day comment period the integrated Crowdfunding Prospectus Exemption (Crowdfunding Exemption); and the draft… Continue Reading

Equity Crowdfunding: The CSA Start-up Exemption

Posted in Crowdfunding, CSA, Distribution Exemptions, Securities Regulatory Authorities
The Autorité des marchés financiers (Québec), the Financial and Consumer Affairs Authority of Saskatchewan, Financial and Consumer Services Commission of New Brunswick, the Manitoba Securities Commission and the Nova Scotia Securities Commission (CSA Participating Jurisdictions) published on March 20, 2014 for a 90-day comment period the integrated Crowdfunding Prospectus Exemption (Crowdfunding Exemption); and the draft… Continue Reading

Fund Facts – Stage 3: Pre-Delivery

Posted in CSA, Distribution Exemptions, Investment Funds and Structured Products, Securities
On Wednesday, the CSA published their proposed amendments to implement Stage 3 of the point-of-sale regime that would require delivery of Fund Facts to investors before purchase orders are submitted.  Highlights of proposed Stage 3 are: Only 2 exceptions to pre-delivery: (i) pre-authorized purchase plans (similar to current simplified prospectus delivery exemption currently in place),… Continue Reading