For Immediate Release
May 30, 2013

Canadian Securities Regulators Adopt "Pre-Marketing" and "Marketing"
Amendments to Prospectus Rules

Toronto – The Canadian Securities Administrators (CSA) today published amendments to National Instrument 41-101 General Prospectus Requirements and other rules and related policies. The amendments will increase the range of permissible “pre-marketing” and “marketing” activities in connection with prospectus offerings by issuers other than investment funds. 

Among other things, the amendments will:

• expressly allow non-reporting issuers, through an investment dealer, to determine interest in a potential initial public offering by communicating with accredited investors;
• expressly allow investment dealers to use marketing materials and conduct road shows after the announcement of a bought deal, during the “waiting period” and following the filing of a final prospectus; and,
• specify when bought deals and bought deal syndicates can be enlarged.

“These amendments are designed to modernize and clarify certain aspects of the prospectus
pre-marketing and marketing regime in Canada, while also providing protection for investors,” said Bill Rice, Chair of the CSA and Chair and CEO of the Alberta Securities Commission.  “These amendments will help facilitate the prospectus offering process for issuers and investment dealers.”

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 August 13, 2013.

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

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For more information:

Carolyn Shaw-Rimmington Ontario Securities Commission 416-593-2361	Mark Dickey Alberta Securities Commission 403-297-4481
Sylvain Théberge Autorité des marchés financiers 514-940-2176	Richard Gilhooley British Columbia Securities Commission 604-899-6713
Ainsley Cunningham The 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	Machuca Financial and Consumer Affairs Authority of Saskatchewan 306-798-4160
Janice Callbeck The Office of the Superintendent of 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 867-667-5466	Louis Arki Nunavut Securities Office 867-975-6587
Donn MacDougall Northwest Territories Securities Office 867-920-8984