CALGARY – The Alberta Securities Commission (ASC), the Autorité des marchés financiers (AMF), the Financial and Consumer Affairs Authority of Saskatchewan (FCAA) and the Financial and Consumer Services Commission New Brunswick (FCNB) (Participating Jurisdictions) have published for comment proposed amendments to National Instrument 45-106 Prospectus and Registration Exemptions (NI 45-106) relating to the offering memorandum exemption (OM Exemption). The ASC, FCAA and FCNB have also published two new proposed reports of exempt distribution (Exempt Distribution Reports).

Staff of the Participating Jurisdictions have coordinated their efforts in developing the proposals with the Ontario Securities Commission (OSC). The OSC has concurrently published for comment, under a separate local notice, proposals relating to the OM Exemption and Exempt Distribution Reports.

“There has been serious effort by the jurisdictions involved to achieve significant alignment among these proposals,” said Bill Rice Chair of the CSA and Chair and Chief Executive Officer of the Alberta Securities Commission. “Differences in regulatory approach reflect differences in local experience and feedback . Our intent is to review the submitted comments and achieve as much harmonization as possible before the final rules come into force.”

We are interested in public comment on the relative merits of the different proposals as well as feedback on the extent to which harmonization in this area is of importance to stakeholders. 

The proposed amendments to NI 45-106 and exempt distribution reports have been posted to the Participating Jurisdictions websites. The comment period is open until June 18, 2014.

The CSA, the council of securities regulators of Canada’s provinces and territories, coordinates and harmonizes regulation for the Canadian capital markets.

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