Canadian Securities Regulators Adopt Amendments to Prospectus Rules

Feb 28 2013

The Canadian Securities Administrators (CSA) announced today amendments to National Instrument (NI) 41-101 General Prospectus Requirements, NI 44-101 Short Form Prospectus Distributions, NI 44-102 Shelf Distributions, NI 81-101 Mutual Fund Prospectus Disclosure, and related policies and consequential amendments.  The CSA are amending the prospectus rules and their related companion policies to address user feedback and the CSA’s experience with the prospectus rules since the implementation of the general prospectus rule, NI 41-101, on March 17, 2008.    

“The CSA constantly reviews the effectiveness of its rules, regulations and policies to ensure they are meeting the needs of both investors and market participants,” said Bill Rice, Chair of the CSA and Chair and CEO of the Alberta Securities Commission.  “These changes clarify, modify or eliminate aspects of the prospectus rules to make the process more streamlined and accessible to users.”

The amendments are intended to:

• clarify certain provisions of the prospectus rules;
• address gaps in the prospectus rules;
• modify certain requirements in the prospectus rules to enhance their effectiveness;
• remove or streamline certain requirements in the prospectus rules that are burdensome for issuers and of limited utility for investors; and
• codify prospectus relief that has been granted in the past.

The amendments and related materials can be found on CSA members’ websites.  In some jurisdictions, ministerial approvals are required to implement the amendments.  If all such approvals are obtained, the amendments will take effect on May 14, 2013.

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

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For more information:

Mark Dickey Alberta Securities Commission 403-297-4481	Carolyn Shaw-Rimmington Ontario Securities Commission 416-593-2361
Sylvain Théberge Autorité des marchés financiers 514-940-2176	Richard Gilhooley British Columbia Securities Commission 604-899-6713
Ainsley Cunningham Manitoba Securities Commission 204-945-4733	Wendy Connors-Beckett New Brunswick Securities Commission 506 643-7745
Tanya Wiltshire Nova Scotia Securities Commission 902-424-8586	Dean Murrison Financial and Consumer Affairs Authority of Saskatchewan 306-787-5842
Janice Callbeck The Office of the Superintendent Securities, P.E.I. 902-368-6288	Doug Connolly Financial Services Regulation Division of Newfoundland and Labrador 709-729-2594
Rhonda Horte Office of the Yukon Superintendent of Securities 867-667-5466Â	Louis Arki Nunavut Securities Office 867-975-6587
Donn MacDougall Northwest Territories Securities Office 867-920-8984