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

TORONTO, May 30, 2013 /CNW/ - 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.

SOURCE: Canadian Securities Administrators

For further 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

Daniela 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


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