The Canadian Securities Administrators has published for comment proposed amendments to National Instrument 45-106 Prospectus Exemptions. The changes would amend the report of exempt distribution set out in Form 45-106F1 Report of Exempt Distribution (the report).
“The proposed amendments provide greater clarity and flexibility on certain requirements of the report […],” says Louis Morisset, CSA chair, and president and CEO of the Autorité des marchés financiers.
The amendments are intended to address concerns raised about certification and certain information requirements. They would provide relief from certain information requirements and issuing revised guidance on preparing and filing the report.
Comments on the amendments should be submitted in writing by September 6. The CSA notes BCSC hasn’t yet published the proposed instrument for comment but it plans to do after obtaining necessary approval.
Also announced today, CSA says participating securities regulatory authorities have published CSA Multilateral Staff Notice 81-328 Report by the Auditor in the Form Contained Respectively in Appendix B-1, B-2 or B-3 of National Instrument 81-102 Investment Funds.
That notice highlights one effect of amendments to Canadian generally accepted auditing standards. Read more.