MSC NOTICE 2003-26 Multilateral Instrument 45-103 Capital Raising Exemptions (MSC Rule 2003-3) Adoption as a Rule effective June 16, 2003 June 6, 2003 The Manitoba Securities Commission (the "Commission") is adopting Multilateral Instrument 45-103 Capital Raising Exemptions (MSC Rule 2003-3) (“MI 45-103”)as a rule effective June 16, 2003. Changes were made from the proposed version of MI 45-103 which was published September 20, 2002 as a result of comments received. The changes were not material and as such the Commission is adopting MI 45-103 with these changes without a further comment period. A summary of the changes from the version published on September 20, 2003 are attached as appendix “A” to this notice. A summary of the comments received and the responses of the CSA to those comments are attached as appendix “B” to this notice. MI 45-103 consists of: • Multilateral Instrument 45-103 Capital Raising Exemptions; • Form 45-103F1 Offering Memorandum for Non-Qualifying Issuers (“Non QI OM”); • Form 45-103F2 Offering Memorandum for Qualifying Issuers (“QI OM”); • Form 45-103F3 Risk Acknowledgement (“Risk Acknowledgement”); • Form 45-103F4 Report of Exempt Distribution (“Report of Exempt Distribution”); and • Form 45-103F5 Risk Acknowledgement - Saskatchewan Close Personal Friends and Close Business Associates (“Saskatchewan Risk Acknowledgement”). In addition, the Commission is adopting as a policy Companion Policy 45-103CP to Multilateral Instrument 45-103 Capital Raising Exemptions (the “Companion Policy”). Consequential Local Statutory Amendments In the notice which accompanied the publication of the proposed version of MI 45-103 on September 20, 2002, the Commission stated it was considering the recommendation of amendments to The Securities Act and to the Securities Regulation. After considering comments received from stakeholders, no amendments will be recommended at this time. If you have any questions about MI 45-103, please direct them to Chris Besko, Legal Counsel and Deputy Director The Manitoba Securities Commission 1130-405 Broadway Winnipeg, Manitoba R3C 3L6 Fax: (204) 945-0330 E-mail: cbesko@gov.mb.ca
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