Canadian regulators implement passport expansion and automatic cease trade orders in multiple jurisdictions

MONTREAL, March 3, 2016 /CNW Telbec/ - The Canadian Securities Administrators (CSA) announced today the implementation of amendments that will expand the passport system to allow issuers to file a single application with their principal regulator to cease to be a reporting issuer in all jurisdictions where they have this status. The CSA is also implementing a new rule that will allow the automatic application in multiple jurisdictions of cease trade orders resulting from the failure to file continuous disclosure documents.

"This expansion of the passport system will further streamline regulatory processes and provide reporting issuers in all provinces and territories with a single window of access in this area," said Louis Morisset, CSA Chair and President and CEO of the Autorité des marchés financiers. "The new failure-to-file cease trade order rule will allow Canadian securities regulators to more efficiently carry out their common mission to protect investors and the integrity of Canada's capital markets."

All CSA members, except the Ontario Securities Commission (OSC), are adopting amendments to Multilateral Instrument 11-102 Passport System (MI 11-102) and all CSA members, except the OSC and the Alberta Securities Commission (ASC), are adopting Multilateral Instrument 11-103 Failure-to-File Cease Trade Orders in Multiple Jurisdictions (MI 11-103).

On July 1, 2015, Alberta implemented a statutory reciprocal order provision that provides for the automatic reciprocation of any order imposing sanctions, conditions, restrictions or requirements issued by another CSA regulator based on a finding or admission of a contravention of securities legislation. The ASC will be relying on this provision for the automatic reciprocation of failure‑to‑file cease trades orders.

Since Ontario has not adopted the passport rule and will not be adopting MI 11-103, streamlined interfaces in National Policy 11-206 Process for Cease to be a Reporting Issuer Applications and National Policy 11-207 Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions will allow Ontario to opt into an order issued by another jurisdiction that is acting as principal regulator.

Provided that all necessary Ministerial approvals are obtained, the amendments to MI 11-102, new MI 11-103 and the related policies will come into force on June 23, 2016. These documents are available on various CSA members' websites.

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

 

For more information:



Mark Dickey                                       

Sylvain Théberge

Alberta Securities Commission                   

Autorité des marchés financiers 

403-297-4481

514-940-2176



Richard Gilhooley                                           

Kristen Rose

British Columbia Securities Commission         

Ontario Securities Commission

604-899-6713

 416-593-2336



Ainsley Cunningham                                    

Andrew Nicholson

Manitoba Securities Commission                 

Financial and Consumer Services

204-945-4733                                             

Commission, New Brunswick


506-658-3021



Tanya Wiltshire                                       

Janice Callbeck

Nova Scotia Securities Commission        

Office of the Superintendent of Securities        

902-424-8586                                      

P.E.I.


902-368-6288



John O'Brien                                             

Rhonda Horte

Office of the Superintendent of Securities      

Office of the Yukon Superintendent Of

Newfoundland and Labrador                    

Securities

709-729-4909                                      

867-667-5466



Jeff Mason                                        

Tom Hall

Nunavut Securities Office                    

Office of the Superintendent of Securities,

867-975-6591                                      

Northwest Territories


867-920-8986



Shannon McMillan


Financial and Consumer Affairs


Authority of Saskatchewan


306-798-4160


 

SOURCE Autorité des marchés financiers

For further information: 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; Kristen Rose, Ontario Securities Commission, 416-593-2336; Ainsley Cunningham, Manitoba Securities Commission, 204-945-4733; Andrew Nicholson, Financial and Consumer Services Commission, New Brunswick, 506-658-3021; Tanya Wiltshire, Nova Scotia Securities Commission, 902-424-8586; Janice Callbeck, Office of the Superintendent of Securities, P.E.I., 902-368-6288; John O'Brien, Office of the Superintendent of Securities, Newfoundland and Labrador, 709-729-4909; Rhonda Horte, Office of the Yukon Superintendent Of Securities, 867-667-5466; Jeff Mason, Nunavut Securities Office, 867-975-6591; Tom Hall, Office of the Superintendent of Securities, Northwest Territories, 867-920-8986; Shannon McMillan, Financial and Consumer Affairs, Authority of Saskatchewan, 306-798-4160

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