New Proposal for Prospectus-Exempt Resale of Foreign Issuers' Securities

The Canadian Securities Administrators have published for comment a new prospectus exemption for the resale of securities of a foreign issuer. The proposed amendments would replace the “10% shareholder ownership tests” under section 2.14 of National Instrument 45-102 Resale of Securities with an issuer-focused “Canadian connection” test exempting the resale of securities for non-reporting issuers if the resale is on an exchange or market, or to a person or company, outside of Canada and the issuer is a foreign issuer. Comments are being accepted until September 27, 2017. For further information, please see CSA Notice and Request for Comment Proposed Amendments to national Instrument 45-102 Resale of Securities Proposed Changes to Companion Policy 45-102CP to National Instrument 45-102 Resale of Securities, Proposed Consequential Amendments to National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations, and Proposed Consequential Changes to National Policy 11-206 Process for Cease to be a Reporting Issuer Applications (June 29, 2017).

Trackbacks (0) Links to blogs that reference this article Trackback URL
Comments (0) Read through and enter the discussion with the form at the end
Post A Comment / Question Use this form to add a comment to this entry.

Remember personal info?