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CSA Simplify Reports of Exempt Distribution with Recent Amendments to NI 45–106

September 28, 2018

On July 19, 2018, the Canadian Securities Administrators (“CSA”) published amendments (the “Amendments”) to National Instrument 45-106 Prospectus Exemptions and Companion Policy 45-106CP Prospectus Exemptions (collectively, the “Instruments”). The Amendments introduce changes to the Canadian exempt distribution trade reporting process in an effort to address, among other things, the unintended consequences of certain amendments made to the Instruments in June 2016 (the “Previous Amendments”).

Following completion of certain prospectus exempt distributions, underwriters and issuers must file Form 45-106F1 Report of Exempt Distribution (“Form 45-106F1”) with applicable securities regulators to provide disclosure with respect to the distribution. The Previous Amendments required the inclusion of significantly more information in Form 45-106F1 than had been previously required, as described in our...

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