CALGARY, Dec. 20, 2012 /CNW/ - The Alberta Securities Commission (ASC)
has issued ASC Blanket Order 45-512 Exemption from certain financial statement requirements of Form 45-106F2
Offering Memorandum for Non-Qualifying Issuers, which offers a new, limited exemption to the form requirements of the
offering memorandum prospectus exemption (OM exemption).
As outlined in Multilateral CSA Notice 45-311 Exemptions from Certain Financial Statement-Related Requirements in the
Offering Memorandum Exemption to Facilitate Access to Capital by Small
Businesses, a number of Canadian Securities Administrators members are issuing
corresponding blanket orders in their jurisdictions.
The blanket order provides relief from certain financial
statement-related requirements and, of particular significance, the
usual requirement under the OM exemption for an audit on annual
financial statements. However, those relying on the blanket order are
subject to a number of conditions, including a $500,000 limit on how
much money they can raise and a limit of $2,000 from each investor over
a 12-month period. Other prospectus exemptions, including the
unmodified OM exemption, will continue to be available. The blanket
order is designed to help early stage and other small businesses raise
funds while maintaining investor protection.
The blanket order will be in effect for two years. The ASC is requesting
comment on the OM exemption and the changes introduced through the
blanket order. The comment period is open until February 20, 2013.
Copies of Multilateral CSA Notice 45-311 and ASC Blanket Order 45-512 are available on the ASC website at www.albertasecurities.com.
The ASC is the regulatory agency responsible for administering the
province's securities laws. It is entrusted to foster a fair and
efficient capital market in Alberta and to protect investors. As a
member of the Canadian Securities Administrators, the ASC works to
improve, coordinate and harmonize the regulation of Canada's capital
SOURCE: Alberta Securities Commission
For further information:
For Media Inquiries: Mark Dickey
Senior Communications Advisor
For Investor Inquiries: ASC Public Inquiries
Toll Free 1.877.355.4488