CSA Staff Notice 45-314
Consolidated List of Current CSA Exempt Market Initiatives
March 20, 2014
Introduction
Modernization of the exempt market regulatory regime is a major priority for the Canadian
Securities Administrators (CSA). In keeping with this, CSA members are publishing a series
of significant initiatives related to prospectus exemptions. This Notice describes all of these
initiatives in one place for the benefit of industry and investors.
Although CSA members have substantially harmonized the prospectus exemptions and
amendments to prospectus exemptions, market participants will note some differences.
Some of these can be explained by differences in local markets and the fact that certain
prospectus exemptions are proposed for the first time in some jurisdictions.
List of Initiatives (organized by Exemption and Date Published)
Prospectus
Jurisdiction
Summary of Latest Developments
Date (2014)
Exemption
Short-Term
All
Publication for comment
January 23
Debt
•
Proposal to modify the minimum
(s. 2.35 of NI
credit rating requirement when an
45-106
1
)
issuer obtains more than one credit
rating
Short-Term
All
Publication for comment
January 23
Securitized
•
Proposal to introduce a new
Products
prospectus exemption for short-
(proposed
term securitized products (ABCP)
s. 2.35.2 of NI
with additional credit rating,
45-106)
liquidity and disclosure
requirements
1
National Instrument 45-106 Prospectus and Registration Exemptions
1
- 2 -
Prospectus
Jurisdiction
Summary of Latest Developments
Date (2014)
Exemption
Accredited
All
Publication for comment
February 27
Investor
•
Proposal to require persons relying
(s. 2.3 of NI 45-
on the prospectus exemption to
106)
obtain a signed risk
acknowledgement from certain
individual accredited investors
•
Proposal regarding additional
guidance on steps issuers can take
to verify accredited investor status
ON
Publication for comment
February 27
•
Proposal to amend the definition
of accredited investor in Ontario to
allow fully managed accounts to
purchase investment fund
securities using the managed
account category of the prospectus
exemption
$150,000
All
Publication for comment
February 27
Minimum
•
Proposal to restrict the prospectus
Amount
exemption to distributions to non-
Investment
individual investors
(s. 2.10 of NI
45-106)
Report of
All
Publication for comment
February 27
Exempt
•
Proposal to gather additional
Distribution
information on the purchaser’s
(Forms
category of accredited investor, the
45-106F1 and
issuer’s industry and persons being
F6)
compensated in connection with
the exempt distribution
- 3 -
Prospectus
Jurisdiction
Summary of Latest Developments
Date (2014)
Exemption
Existing
BC, AB, SK,
Adoption by local blanket order or rule of
March 13
Security Holder
MB, QC,
new prospectus exemption
(Multilateral
NB, NS, PE,
•
Issuers listed on certain Canadian
Notice 45-313
YK, NT
stock exchanges may distribute
Prospectus
NU
securities to existing security
Exemption for
holders in prescribed
Distributions to
circumstances
Existing
Security
Holders)
Existing
ON
Publication for comment
March 20
Security Holder
•
Proposal to introduce a new
(proposed s. 2.9
prospectus exemption that would
of OSC Rule 45-
allow non-investment fund issuers
501 Ontario
listed on certain Canadian stock
Prospectus and
exchanges to distribute securities
Registration
to existing security holders in
Exemptions)
prescribed circumstances
Offering
AB, SK, QC
Publication for comment
March 20
Memorandum
•
Proposal to impose new annual
(s. 2.9 of NI 45-
caps on the amount that can be
106)
raised from an individual, to
address marketing materials and to
require annual financial statements
ON
Publication for comment
March 20
•
Proposal to introduce an offering
memorandum prospectus
exemption similar to the
exemption available in certain
other CSA jurisdictions (as
proposed to be amended) for non-
investment fund issuers
NB
Publication for comment
March 20
•
Proposal to adopt an offering
memorandum prospectus
exemption on the same terms as in
Ontario
- 4 -
Prospectus
Jurisdiction
Summary of Latest Developments
Date (2014)
Exemption
Family, Friends
ON
Publication for comment
March 20
and Business
•
Proposal to introduce a family,
Associates
friends and business associates
(s. 2.5 and
prospectus exemption similar to
proposed s.
those in other CSA jurisdictions
2.6.1 of NI 45-
for non-investment fund issuers
106)
Crowdfunding
SK, MB,
Publication for comment
March 20
(proposed
ON, QC,
•
Proposal to introduce a new
MI 45-108
NB, NS
crowdfunding prospectus
Crowdfunding)
exemption for non-investment
fund issuers and an associated
registration regime for online
funding portals
Crowdfunding
SK, MB,
Publication for comment
March 20
(proposed
QC, NB, NS
•
Proposal to introduce new
Start-Up
crowdfunding prospectus and
Crowdfunding
registration exemptions for non-
general and
reporting issuers similar to
blanket orders)
Saskatchewan’s existing regime
2
Crowdfunding
BC
Request for comment
March 20
(BC Notice
•
Request for comment on
2014/03
introducing new crowdfunding
Start-Up
prospectus and registration
Crowdfunding)
exemptions for non-reporting
issuers similar to Saskatchewan’s
existing regime
2
Report of
AB, SK, ON,
Publication for comment
March 20
Exempt
NB
•
Proposal to introduce two new
Distribution
reports of exempt distribution, one
(proposed
for investment funds and the other
Forms 45-
for non-investment fund issuers
106F10 and
F11)
2
Based on General Order 45-925 Saskatchewan Equity Crowdfunding Exemption. Saskatchewan is not
revoking its Order but is republishing its Order as multilateral relief with Québec, New Brunswick and Nova
Scotia.
- 5 -
The text of the new exemptions and proposed amendments is or will be available on
websites of CSA jurisdictions, including:
www.lautorite.qc.ca
www.albertasecurities.com
www.bcsc.bc.ca
www.nssc.gov.ns.ca
www.fcnb.ca
www.osc.gov.on.ca
www.fcaa.gov.sk.ca
www.msc.gov.mb.ca
Questions
Please refer your questions to any of the following:
British Columbia
Peter Brady
Leslie Rose
Director, Corporate Finance
Senior Legal Counsel, Corporate Finance
British Columbia Securities Commission
British Columbia Securities Commission
604-899-6570
604-899-6654
Toll free across Canada: 800-373-6393
Toll free across Canada: 800-373-6393
pbrady@bcsc.bc.ca
lrose@bcsc.bc.ca
Alberta
Jonathan Taylor
Denise Weeres
Manager, CD Compliance & Market
Manager, Legal, Corporate Finance
Analysis, Corporate Finance
Alberta Securities Commission
Alberta Securities Commission
403-297-2930
403-297-4770
denise.weeres@asc.ca
jonathan.taylor@asc.ca
Saskatchewan
Sonne Udemgba
Tony Herdzik
Deputy Director, Legal, Securities Division
Deputy Director, Corporate Finance, Securities Division
Financial and Consumer Affairs Authority
Financial and Consumer Affairs Authority of Saskatchewan
of Saskatchewan
306-787-5849
306-787-5879
tony.herdzik@gov.sk.ca
sonne.udemgba@gov.sk.ca
- 6 -
Manitoba
Chris Besko
Legal Counsel - Deputy Director
The Manitoba Securities Commission
204-945-2561
cbesko@gov.mb.ca
Ontario
Jo-Anne Matear
Manager, Corporate Finance
Ontario Securities Commission
416-593-2323
jmatear@osc.gov.on.ca
Maria Carelli
Senior Accountant, Compliance and
Registrant Regulation
Ontario Securities Commission
416-593-2380
mcarelli@osc.gov.on.ca
Québec
Sylvie Lalonde
Director, Policy and Regulations
Department
Autorité des marchés financiers
514-395-0337, ext. 4461
sylvie.lalonde@lautorite.qc.ca
New Brunswick
Susan W. Powell
Deputy Director, Securities
Financial and Consumer Services
Commission (New Brunswick)
506-643-7697
susan.powell@fcnb.ca
Nova Scotia
Shirley Lee
Director, Policy and Market Regulation
Nova Scotia Securities Commission
902-424-5441
leesp@gov.ns.ca
Elizabeth Topp
Senior Legal Counsel, Corporate Finance
Ontario Securities Commission
416-593-2377
etopp@osc.gov.on.ca
Melissa Schofield
Senior Legal Counsel, Investment Funds
Ontario Securities Commission
416-595-8777
mschofield@osc.gov.on.ca
Patrick Théorêt
Director, Corporate Finance
Autorité des marchés financiers
514-395-0337, ext. 4381
patrick.theoret@lautorite.qc.ca
Kevin Redden
Director, Corporate Finance
Nova Scotia Securities Commission
902-424-5343
reddenkg@gov.ns.ca
- 7 -
Prince Edward Island
Steve Dowling
General Counsel
Consumer, Labour and Financial Services
Division
Department of Environment, Labour and
Justice
Government of Prince Edward Island
902-368-4551
sddowling@gov.pe.ca
Newfoundland and Labrador
Nunavut
Don Boyles
Louis Arki
Superintendent of Securities (by interim)
Director, Legal Registries
Securities Commission of Newfoundland
Department of Justice, Government of Nunavut
and Labrador
867-975-6587
Government of Newfoundland & Labrador
larki@gov.nu.ca
709-729-4501
dboyles@gov.nl.ca
Northwest Territories
Yukon
Gary MacDougall
Rhonda Horte
Superintendent of Securities
Deputy Superintendent
Office of the Superintendent of Securities
Office of the Yukon Superintendent of Securities
Government of the Northwest Territories
Yukon Government
867-873-7490
867-667-5466
gary_macdougall@gov.nt.ca
Rhonda.Horte@gov.yk.ca
List of Initiatives (organized by Jurisdiction)
Jurisdiction
Prospectus
Summary of Latest Developments
Date (2014)
Exemption
BC
Short-Term
Publication for comment
January 23
Debt
•
Proposal to modify the minimum
(s. 2.35 of
credit rating requirement when an
NI 45-106
1
)
issuer obtains more than one credit
rating
Short-Term
Publication for comment
January 23
Securitized
•
Proposal to introduce a new
Products
prospectus exemption for short-
(proposed
term securitized products (ABCP)
s. 2.35.2 of
with additional credit rating,
NI 45-106)
liquidity and disclosure
requirements
Accredited
Publication for comment
February 27
Investor
•
Proposal to require persons relying
(s. 2.3 of
on the prospectus exemption to
NI 45-106)
obtain a signed risk
acknowledgement from certain
individual accredited investors
•
Proposal regarding additional
guidance on steps issuers can take
to verify accredited investor status
$150,000
Publication for comment
February 27
Minimum
•
Proposal to restrict the prospectus
Amount
exemption to distributions to non-
Investment
individual investors
(s. 2.10 of
NI 45-106)
Report of
Publication for comment
February 27
Exempt
•
Proposal to gather additional
Distribution
information on the purchaser’s
(Forms
category of accredited investor, the
45-106F1 and
issuer’s industry and persons being
F6)
compensated in connection with
the exempt distribution
1
National Instrument 45-106 Prospectus and Registration Exemptions
Existing
Adoption by local blanket order of new
March 13
Security Holder
prospectus exemption
(Multilateral
•
Issuers listed on certain Canadian
Notice 45-313
stock exchanges may distribute
Prospectus
securities to existing security
Exemption for
holders in prescribed
Distributions to
circumstances
Existing
Security
Holders)
Crowdfunding
Request for comment
March 20
(BC Notice
•
Request for comment on
2014/032
introducing new crowdfunding
Start-Up
prospectus and registration
Crowdfunding)
exemptions for non-reporting
issuers similar to Saskatchewan’s
existing regime
AB
Short-Term
Publication for comment
January 23
Debt
•
Proposal to modify the minimum
(s. 2.35 of
credit rating requirement when an
NI 45-106)
issuer obtains more than one credit
rating
Short-Term
Publication for comment
January 23
Securitized
•
Proposal to introduce a new
Products
prospectus exemption for short-
(proposed s.
term securitized products (ABCP)
2.35.2 of
with additional credit rating,
NI 45-106)
liquidity and disclosure
requirements
Accredited
Publication for comment
February 27
Investor
•
Proposal to require persons relying
(s. 2.3 of
on the prospectus exemption to
NI 45-106)
obtain a signed risk
acknowledgement from certain
individual accredited investors
•
Proposal regarding additional
guidance on steps issuers can take
to verify accredited investor status
$150,000
Publication for comment
February 27
Minimum
•
Proposal to restrict the prospectus
Amount
exemption to distributions to non-
Investment
individual investors
(s. 2.10 of
NI 45-106)
Report of
Publication for comment
February 27
Exempt
•
Proposal to gather additional
Distribution
information on the purchaser’s
(Forms
category of accredited investor, the
45-106F1 and
issuer’s industry and persons being
F6)
compensated in connection with
the exempt distribution
Existing
Adoption by local rule of new prospectus
March 13
Security Holder
exemption
(Multilateral
•
Issuers listed on certain Canadian
Notice 45-313
stock exchanges may distribute
Prospectus
securities to existing security
Exemption for
holders in prescribed
Distributions to
circumstances
Existing
Security
Holders)
Offering
Publication for comment
March 20
Memorandum
•
Proposal to impose new annual
(s. 2.9 of
caps on the amount that can be
NI 45-106)
raised from an individual, to
address marketing materials and to
require annual financial statements
Report of
Publication for comment
March 20
Exempt
•
Proposal to introduce two new
Distribution
reports of exempt distribution, one
(Forms
for investment funds and the other
45-106F10 and
for non-investment fund issuers
F11)
SK
Short-Term
Publication for comment
January 23
Debt
•
Proposal to modify the minimum
(s. 2.35 of
credit rating requirement when an
NI 45-106)
issuer obtains more than one credit
rating
Short-Term
Publication for comment
January 23
Securitized
•
Introduce a new prospectus
Products
exemption for short-term
(proposed s.
securitized products (ABCP) with
2.35.2 of
additional credit rating, liquidity
NI 45-106)
and disclosure requirements
Accredited
Publication for comment
February 27
Investor
•
Proposal to require persons relying
(s. 2.3 of
on the prospectus exemption to
NI 45-106)
obtain a signed risk
acknowledgement from certain
individual accredited investors
•
Proposal regarding additional
guidance on steps issuers can take
to verify accredited investor status
$150,000
Publication for comment
February 27
Minimum
•
Proposal to restrict the prospectus
Amount
exemption to distributions to non-
Investment
individual investors
(s. 2.10 of
NI 45-106)
Report of
Publication for comment
February 27
Exempt
•
Proposal to gather additional
Distribution
information on the purchaser’s
(Forms
category of accredited investor, the
45-106F1 and
issuer’s industry and persons being
F6)
compensated in connection with
the exempt distribution
Existing
Adoption by local blanket order or rule of
March 13
Security Holder
new prospectus exemption
(Multilateral
•
Issuers listed on certain Canadian
Notice 45-313
stock exchanges may distribute
Prospectus
securities to existing security
Exemption for
holders in prescribed
Distributions to
circumstances
Existing
Security
Holders)
Offering
Publication for comment
March 20
Memorandum
•
Proposal to impose new annual
(s. 2.9 of
caps on the amount that can be
NI 45-106)
raised from an individual, to
address marketing materials and to
require annual financial statements
Crowdfunding
Publication for comment
March 20
(proposed
•
Proposal to introduce a new
MI 45-108
crowdfunding prospectus
Crowdfunding)
exemption for non-investment
fund issuers and an associated
registration regime for online
funding portals
Crowdfunding
Publication for comment
March 20
(proposed
•
Proposal to introduce new
Start-Up
crowdfunding prospectus and
Crowdfunding
registration exemptions for non-
general and
reporting issuers similar to
blanket orders)
Saskatchewan’s existing regime
2
Report of
Publication for comment
March 20
Exempt
•
Proposal to introduce two new
Distribution
reports of exempt distribution, one
(Forms
for investment funds and the other
45-106F10 and
for non-investment fund issuers
F11)
MB
Short-Term
Publication for comment
January 23
Debt
•
Proposal to modify the minimum
(s. 2.35 of
credit rating requirement when an
NI 45-106)
issuer obtains more than one credit
rating
Short-Term
Publication for comment
January 23
Securitized
•
Proposal to introduce a new
Products
prospectus exemption for short-
(proposed s.
term securitized products (ABCP)
2.35.2 of
with additional credit rating,
NI 45-106)
liquidity and disclosure
requirements
2
Based on General Order 45-925 Saskatchewan Equity Crowdfunding Exemption. Saskatchewan is not revoking its
Order but is republishing its Order as multilateral relief with Québec, New Brunswick and Nova Scotia.
Accredited
Publication for comment
February 27
Investor
•
Proposal to require persons relying
(s. 2.3 of
on the prospectus exemption to
NI 45-106)
obtain a signed risk
acknowledgement from certain
individual accredited investors
•
Proposal regarding additional
guidance on steps issuers can take
to verify accredited investor status
$150,000
Publication for comment
February 27
Minimum
•
Proposal to restrict the prospectus
Amount
exemption to distributions to non-
Investment
individual investors
(s. 2.10 of
NI 45-106)
Report of
Publication for comment
February 27
Exempt
•
Proposal to gather additional
Distribution
information on the purchaser’s
(Forms
category of accredited investor, the
45-106F1 and
issuer’s industry and persons being
F6)
compensated in connection with
the exempt distribution
Existing
Adoption by local blanket order or rule of
March 13
Security Holder
new prospectus exemption
(Multilateral
•
Issuers listed on certain Canadian
Notice 45-313
stock exchanges may distribute
Prospectus
securities to existing security
Exemption for
holders in prescribed
Distributions to
circumstances
Existing
Security
Holders)
Crowdfunding
Publication for comment
March 20
(proposed
•
Proposal to introduce a new
MI 45-108
crowdfunding prospectus
Crowdfunding)
exemption for non-investment
fund issuers and an associated
registration regime for online
funding portals
Crowdfunding
Publication for comment
March 20
(proposed
•
Proposal to introduce new
Start-Up
crowdfunding prospectus and
Crowdfunding
registration exemptions for non-
general and
reporting issuers similar to
blanket orders)
Saskatchewan’s existing regime
ON
Short-Term
Publication for comment
January 23
Debt
•
Proposal to modify the minimum
(s. 2.35 of
credit rating requirement when an
NI 45-106)
issuer obtains more than one credit
rating
Short-Term
Publication for comment
January 23
Securitized
•
Proposal to introduce a new
Products
prospectus exemption for short-
(proposed s.
term securitized products (ABCP)
2.35.2 of
with additional credit rating,
NI 45-106)
liquidity and disclosure
requirements
Accredited
Publication for comment
February 27
Investor
•
Proposal to require persons relying
(s. 2.3 of
on the prospectus exemption to
NI 45-106)
obtain a signed risk
acknowledgement from certain
individual accredited investors
•
Proposal regarding additional
guidance on steps issuers can take
to verify accredited investor status
Publication for comment
February 27
•
Proposal to amend the definition
of accredited investor in Ontario to
allow fully managed accounts to
purchase investment fund
securities using the managed
account category of the prospectus
exemption
$150,000
Publication for comment
February 27
Minimum
•
Proposal to restrict the prospectus
Amount
exemption to distributions to non-
Investment
individual investors
(s. 2.10 of
NI 45-106)
Report of
Publication for comment
February 27
Exempt
•
Proposal to gather additional
Distribution
information on the purchaser’s
(Forms
category of accredited investor, the
45-106F1 and
issuer’s industry and persons being
F6)
compensated in connection with
the exempt distribution
Existing
Publication for comment
March 20
Security Holder
•
Proposal to introduce a new
(proposed s. 2.9
prospectus exemption that would
of OSC Rule
allow non-investment fund issuers
45-501 Ontario
listed on certain Canadian stock
Prospectus and
exchanges to distribute securities
Registration
to existing security holders in
Exemptions)
prescribed circumstances
Offering
Publication for comment
March 20
Memorandum
•
Proposal to introduce an offering
(s. 2.9 of
memorandum prospectus
NI 45-106)
exemption similar to the
exemption available in certain
other CSA jurisdictions (as
proposed to be amended) for non-
investment fund issuers
Family, Friends
Publication for comment
March 20
& Business
•
Proposal to introduce a family,
Associates
friends and business associates
(s. 2.5 and
prospectus exemption similar to
proposed
those in other CSA jurisdictions
s. 2.6.1 of
for non-investment fund issuers
NI 45-106)
Crowdfunding
Publication for comment
March 20
(proposed MI
•
Proposal to introduce a new
45-108
crowdfunding prospectus
Crowdfunding)
exemption for non-investment
fund issuers and an associated
registration regime for online
funding portals
Report of
Publication for comment
March 20
Exempt
•
Proposal to introduce two new
Distribution
reports of exempt distribution, one
(Forms
for investment funds and the other
45-106F10 and
for non-investment fund issuers
F11)
QC
Short-Term
Publication for comment
January 23
Debt
•
Proposal to modify the minimum
(s. 2.35 of
credit rating requirement when an
NI 45-106)
issuer obtains more than one credit
rating
Short-Term
Publication for comment
January 23
Securitized
•
Proposal to introduce a new
Products
prospectus exemption for short-
(proposed
term securitized products (ABCP)
s. 2.35.2 of
with additional credit rating,
NI 45-106)
liquidity and disclosure
requirements
Accredited
Publication for comment
February 27
Investor
•
Proposal to require persons relying
(s. 2.3 of
on the prospectus exemption to
NI 45-106)
obtain a signed risk
acknowledgement from certain
individual accredited investors
•
Proposal regarding additional
guidance on steps issuers can take
to verify accredited investor status
$150,000
Publication for comment
February 27
Minimum
•
Proposal to restrict the prospectus
Amount
exemption to distributions to non-
Investment
individual investors
(s. 2.10 of
NI 45-106)
Report of
Publication for comment
February 27
Exempt
•
Proposal to gather additional
Distribution
information on the purchaser’s
(Forms
category of accredited investor, the
45-106F1 and
issuer’s industry and persons being
F6)
compensated in connection with
the exempt distribution
Existing
Adoption by local blanket order or rule of
March 13
Security Holder
new prospectus exemption
(Multilateral
•
Issuers listed on certain Canadian
Notice 45-313
stock exchanges may distribute
Prospectus
securities to existing security
Exemption for
holders in prescribed
Distributions to
circumstances
Existing
Security
Holders)
Offering
Publication for comment
March 20
Memorandum
•
Proposal to impose new annual
(s. 2.9 of
caps on the amount that can be
NI 45-106)
raised from an individual, to
address marketing materials and to
require annual financial statements
Crowdfunding
Publication for comment
March 20
(proposed
•
Proposal to introduce a new
MI 45-108
crowdfunding prospectus
Crowdfunding)
exemption for non-investment
fund issuers and an associated
registration regime for online
funding portals
Crowdfunding
Publication for comment
March 20
(proposed
•
Proposal to introduce new
Start-Up
crowdfunding prospectus and
Crowdfunding
registration exemptions for non-
general and
reporting issuers similar to
blanket orders
Saskatchewan’s existing regime
NB
Short-Term
Publication for comment
January 23
Debt
•
Proposal to modify the minimum
(s. 2.35 of
credit rating requirement when an
NI 45-106)
issuer obtains more than one credit
rating
Short-Term
Publication for comment
January 23
Securitized
•
Proposal to introduce a new
Products
prospectus exemption for short-
(proposed
term securitized products (ABCP)
s. 2.35.2 of
with additional credit rating,
NI 45-106)
liquidity and disclosure
requirements
Accredited
Publication for comment
February 27
Investor
•
Proposal to require persons relying
(s. 2.3 of
on the prospectus exemption to
NI 45-106)
obtain a signed risk
acknowledgement from certain
individual accredited investors
•
Proposal regarding additional
guidance on steps issuers can take
to verify accredited investor status
$150,000
Publication for comment
February 27
Minimum
•
Proposal to restrict the prospectus
Amount
exemption to distributions to non-
Investment
individual investors
(s. 2.10 of
NI 45-106)
Report of
Publication for comment
February 27
Exempt
•
Proposal to gather additional
Distribution
information on the purchaser’s
(Forms
category of accredited investor, the
45-106F1 and
issuer’s industry and persons being
F6)
compensated in connection with
the exempt distribution
Existing
Adoption by local blanket order or rule of
March 13
Security Holder
new prospectus exemption
(Multilateral
•
Issuers listed on certain Canadian
Notice 45-313
stock exchanges may distribute
Prospectus
securities to existing security
Exemption for
holders in prescribed
Distributions to
circumstances
Existing
Security
Holders)
Offering
Publication for comment
March 20
Memorandum
•
Proposal to adopt an offering
(s. 2.9 of
memorandum exemption on the
NI 45-106)
same terms as in Ontario
Crowdfunding
Publication for comment
March 20
(proposed
•
Proposal to introduce a new
MI 45-108
crowdfunding prospectus
Crowdfunding)
exemption for non-investment
fund issuers and an associated
registration regime for online
funding portals
Crowdfunding
Publication for comment
March 20
(proposed
•
Proposal to introduce new
Start-Up
crowdfunding prospectus and
Crowdfunding
registration exemptions for non-
general and
reporting issuers similar to
blanket orders)
Saskatchewan’s existing regime
Report of
Publication for comment
March 20
Exempt
•
Proposal to introduce two new
Distribution
reports of exempt distribution, one
(Forms
for investment funds and the other
45-106F10 and
for non-investment fund issuers
F11)
NS
Short-Term
Publication for comment
January 23
Debt
•
Proposal to modify the minimum
(s. 2.35 of
credit rating requirement when an
NI 45-106)
issuer obtains more than one credit
rating
Short-Term
Publication for comment
January 23
Securitized
•
Proposal to introduce a new
Products
prospectus exemption for short-
(proposed s.
term securitized products (ABCP)
2.35.2 of
with additional credit rating,
NI 45-106)
liquidity and disclosure
requirements
Accredited
Publication for comment
February 27
Investor
•
Proposal to require persons relying
(s. 2.3 of
on the prospectus exemption to
NI 45-106)
obtain a signed risk
acknowledgement from certain
individual accredited investors
•
Proposal regarding additional
guidance on steps issuers can take
to verify accredited investor status
$150,000
Publication for comment
February 27
Minimum
•
Proposal to restrict the prospectus
Amount
exemption to distributions to non-
Investment
individual investors
(s. 2.10 of
NI 45-106)
Report of
Publication for comment
February 27
Exempt
•
Proposal to gather additional
Distribution
information on the purchaser’s
(Forms
category of accredited investor, the
45-106F1 and
issuer’s industry and persons being
F6)
compensated in connection with
the exempt distribution
Existing
Adoption by local blanket order or rule of
March 13
Security Holder
new prospectus exemption
(Multilateral
•
Issuers listed on certain Canadian
Notice 45-313
stock exchanges may distribute
Prospectus
securities to existing security
Exemption for
holders in prescribed
Distributions to
circumstances
Existing
Security
Holders)
Crowdfunding
Publication for comment
March 20
(proposed
•
Proposal to introduce a new
MI 45-108
crowdfunding prospectus
Crowdfunding)
exemption for non-investment
fund issuers and an associated
registration regime for online
funding portals
Crowdfunding
Publication for comment
March 20
(proposed
•
Proposal to introduce new
Start-Up
crowdfunding prospectus and
Crowdfunding
registration exemptions for non-
general and
reporting issuers similar to
blanket orders)
Saskatchewan’s existing regime
PE
Short-Term
Publication for comment
January 23
Debt
•
Proposal to modify the minimum
(s. 2.35 of
credit rating requirement when an
NI 45-106)
issuer obtains more than one credit
rating
Short-Term
Publication for comment
January 23
Securitized
•
Proposal to introduce a new
Products
prospectus exemption for short-
(proposed
term securitized products (ABCP)
s. 2.35.2 of
with additional credit rating,
NI 45-106)
liquidity and disclosure
requirements
Accredited
Publication for comment
February 27
Investor
•
Proposal to require persons relying
(s. 2.3 of
on the prospectus exemption to
NI 45-106)
obtain a signed risk
acknowledgement from certain
individual accredited investors
•
Proposal regarding additional
guidance on steps issuers can take
to verify accredited investor status
$150,000
Publication for comment
February 27
Minimum
•
Proposal to restrict the prospectus
Amount
exemption to distributions to non-
Investment
individual investors
(s. 2.10 of
NI 45-106)
Report of
Publication for comment
February 27
Exempt
•
Proposal to gather additional
Distribution
information on the purchaser’s
(Forms
category of accredited investor, the
45-106F1 and
issuer’s industry and persons being
F6)
compensated in connection with
the exempt distribution
Existing
Adoption by local blanket order or rule of
March 13
Security Holder
new prospectus exemption
(Multilateral
•
Issuers listed on certain Canadian
Notice 45-313
stock exchanges may distribute
Prospectus
securities to existing security
Exemption for
holders in prescribed
Distributions to
circumstances
Existing
Security
Holders)
NF
Short-Term
Publication for comment
January 23
Debt
•
Proposal to modify the minimum
(s. 2.35 of
credit rating requirement when an
NI 45-106)
issuer obtains more than one credit
rating
Short-Term
Publication for comment
January 23
Securitized
•
Proposal to introduce a new
Products
prospectus exemption for short-
(proposed
term securitized products (ABCP)
s. 2.35.2 of
with additional credit rating,
NI 45-106)
liquidity and disclosure
requirements
Accredited
Publication for comment
February 27
Investor
•
Proposal to require persons relying
(s. 2.3 of
on the prospectus exemption to
NI 45-106)
obtain a signed risk
acknowledgement from certain
individual accredited investors
•
Proposal regarding additional
guidance on steps issuers can take
to verify accredited investor status
$150,000
Publication for comment
February 27
Minimum
•
Proposal to restrict the prospectus
Amount
exemption to distributions to non-
Investment
individual investors
(s. 2.10 of
NI 45-106)
Report of
Publication for comment
February 27
Exempt
•
Proposal to gather additional
Distribution
information on the purchaser’s
(Forms
category of accredited investor, the
45-106F1 and
issuer’s industry and persons being
F6)
compensated in connection with
the exempt distribution
NU
Short-Term
Publication for comment
January 23
Debt
•
Proposal to modify the minimum
(s. 2.35 of
credit rating requirement when an
NI 45-106)
issuer obtains more than one credit
rating
Short-Term
Publication for comment
January 23
Securitized
•
Proposal to introduce a new
Products
prospectus exemption for short-
(proposed
term securitized products (ABCP)
s. 2.35.2 of
with additional credit rating,
NI 45-106)
liquidity and disclosure
requirements
Accredited
Publication for comment
February 27
Investor
•
Proposal to require persons relying
(s. 2.3 of
on the prospectus exemption to
NI 45-106)
obtain a signed risk
acknowledgement from certain
individual accredited investors
•
Proposal regarding additional
guidance on steps issuers can take
to verify accredited investor status
$150,000
Publication for comment
February 27
Minimum
•
Proposal to restrict the prospectus
Amount
exemption to distributions to non-
Investment
individual investors
(s. 2.10 of
NI 45-106)
Report of
Publication for comment
February 27
Exempt
•
Proposal to gather additional
Distribution
information on the purchaser’s
(Forms
category of accredited investor, the
45-106F1 and
issuer’s industry and persons being
F6)
compensated in connection with
the exempt distribution
Existing
Adoption by local blanket order or rule of
March 13
Security Holder
new prospectus exemption
(Multilateral
•
Issuers listed on certain Canadian
Notice 45-313
stock exchanges may distribute
Prospectus
securities to existing security
Exemption for
holders in prescribed
Distributions to
circumstances
Existing
Security
Holders)
NT
Short-Term
Publication for comment
January 23
Debt
•
Proposal to modify the minimum
(s. 2.35 of
credit rating requirement when an
NI 45-106)
issuer obtains more than one credit
rating
Short-Term
Publication for comment
January 23
Securitized
•
Proposal to introduce a new
Products
prospectus exemption for short-
(proposed
term securitized products (ABCP)
s. 2.35.2 of
with additional credit rating,
NI 45-106)
liquidity and disclosure
requirements
Accredited
Publication for comment
February 27
Investor
•
Proposal to require persons relying
(s. 2.3 of
on the prospectus exemption to
NI 45-106)
obtain a signed risk
acknowledgement from certain
individual accredited investors
•
Proposal regarding additional
guidance on steps issuers can take
to verify accredited investor status
$150,000
Publication for comment
February 27
Minimum
•
Proposal to restrict the prospectus
Amount
exemption to distributions to non-
Investment
individual investors
(s. 2.10 of
NI 45-106)
Report of
Publication for comment
February 27
Exempt
•
Proposal to gather additional
Distribution
information on the purchaser’s
(Forms
category of accredited investor, the
45-106F1 and
issuer’s industry and persons being
F6)
compensated in connection with
the exempt distribution
Existing
Adoption by local blanket order or rule of
March 13
Security Holder
new prospectus exemption
(Multilateral
•
Issuers listed on certain Canadian
Notice 45-313
stock exchanges may distribute
Prospectus
securities to existing security
Exemption for
holders in prescribed
Distributions to
circumstances
Existing
Security
Holders)
YK
Short-Term
Publication for comment
January 23
Debt
•
Proposal to modify the minimum
(s. 2.35 of
credit rating requirement when an
NI 45-106)
issuer obtains more than one credit
rating
Short-Term
Publication for comment
January 23
Securitized
•
Proposal to introduce a new
Products
prospectus exemption for short-
(proposed s.
term securitized products (ABCP)
2.35.2 of
with additional credit rating,
NI 45-106)
liquidity and disclosure
requirements
Accredited
Publication for comment
February 27
Investor
•
Proposal to require persons relying
(s. 2.3 of
on the prospectus exemption to
NI 45-106)
obtain a signed risk
acknowledgement from certain
individual accredited investors
•
Proposal regarding additional
guidance on steps issuers can take
to verify accredited investor status
$150,000
Publication for comment
February 27
Minimum
•
Proposal to restrict the prospectus
Amount
exemption to distributions to non-
Investment
individual investors
(s. 2.10 of
NI 45-106)
Report of
Publication for comment
February 27
Exempt
•
Proposal to gather additional
Distribution
information on the purchaser’s
(Forms
category of accredited investor, the
45-106F1 and
issuer’s industry and persons being
F6)
compensated in connection with
the exempt distribution
Existing
Adoption by local blanket order or rule of
March 13
Security Holder
new prospectus exemption
(Multilateral
•
Issuers listed on certain Canadian
Notice 45-313
stock exchanges may distribute
Prospectus
securities to existing security
Exemption for
holders in prescribed
Distributions to
circumstances
Existing
Security
Holders)
You are being directed to the most recent version of the statute which may not be the version considered at the time of the judgment.