Friday December 4 2015

News Source: Global Exchanges

Focus: Other

Type: General




The members of the Canadian Securities Administrators (the CSA), except for the Ontario Securities Commission (OSC) and the British Columbia Securities Commission (BCSC) , have adopted amendments to each of the following:

  • National Instrument 13-101 System for Electronic Document Analysis and Retrieval (SEDAR) (NI 13-101), and
  • Multilateral Instrument 13-102 System Fees for SEDAR and NRD (MI 13-102),

Provided all necessary ministerial approvals are obtained, the Amendments will come into force on May 24, 2016.

The Amendments will be adopted in each of the participating jurisdictions either as an amendment to a rule or as an amendment to a regulation and territories, co-ordinates and harmonizes regulation for the Canadian capital markets.

The substance and purpose of the Amendments is to provide an interim electronic filing solution to issuers for exempt market filings. The interim solution will eventually be replaced by a national electronic filing system that accommodates exempt market filings in all CSA jurisdictions.

The Amendments will require the following documents (the exempt market filings), which exist or are proposed under prospectus exemptions, to be filed in electronic format on SEDAR in accordance with NI 13-101 in the participating jurisdictions:

  • Form 45-106F1 Report of Exempt Distribution;
  • the offering memorandum and any other document, such as financial statements or marketing materials, that may be required in the future to be filed or delivered under section 2.9 [Offering memorandum] of National Instrument 45-106 Prospectus Exemptions (NI 45-106);
  • in Saskatchewan, Manitoba, Québec, New Brunswick and Nova Scotia, the offering document and Form 5 – Start-up Crowdfunding – Report of Exempt Distribution under the start-up crowdfunding prospectus and registration exemptions and the offering document, distribution materials, financial statements, notices and certain other documents under Multilateral Instrument 45-108 Crowdfunding1 (together the crowdfunding exemptions); and
  • in Québec, a disclosure document delivered to subscribers required to be filed under section 37.2 of the Securities Regulation (Québec).

The participating jurisdictions will issue blanket orders to allow issuers to electronically file certain exempt market filings in advance of the effective date. The participating jurisdictions will issue blanket orders to allow issuers to electronically file certain exempt market filings in advance of the effective date.

Between December 7, 2015 and May 24, 2016, there will be no SEDAR system fee for voluntarily filing exempt market filings on SEDAR.

Click on the link above for further details