Canadian Securities Administrators

Canadian Securities Administrators

November 10, 2011 11:00 ET

Canadian Securities Regulators Announce Review of Minimum Amount and Accredited Investor Prospectus Exemptions

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 10, 2011) - The Canadian Securities Administrators (CSA) today announced that they are reviewing the $150,000 minimum amount prospectus exemption (the minimum amount exemption) and the accredited investor prospectus exemption (AI exemption) contained in National Instrument 45-106 Prospectus and Registration Exemptions.

"The CSA is undertaking this consultation with a view to ensuring that both of these exemptions continue to meet the needs of market participants by striking the appropriate balance between investor protection and efficient capital-raising in Canadian capital markets," said Bill Rice, Chair of the CSA and Chair and CEO of the Alberta Securities Commission.

As part of the review, the CSA will be consulting with the various stakeholders, including investors, issuers, registrants and professional advisors.

At the conclusion of the review, CSA staff may recommend either retaining the exemptions in their current form, or may propose changes based on the market participant feedback.

The consultation note, published today and available on the CSA member websites, provides more information on the scope of the review, including some background on these exemptions and specific consultation questions for consideration.

The public comment period is open until February 29, 2012.

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

Contact Information

  • Ontario Securities Commission
    Carolyn Shaw-Rimmington

    Alberta Securities Commission
    Mark Dickey

    Autorité des marchés financiers
    Sylvain Théberge

    British Columbia Securities Commission
    Richard Gilhooley

    Manitoba Securities Commission
    Ainsley Cunningham

    New Brunswick Securities Commission
    Wendy Connors-Beckett

    Nova Scotia Securities Commission
    Natalie MacLellan

    Saskatchewan Financial Services Commission
    Jennifer Anderson

    PEI Securities Office
    Janice Callbeck
    Office of the Attorney General

    Financial Services Regulation Div.
    Newfoundland and Labrador
    Doug Connolly

    Yukon Securities Registry
    Ken Kilpatrick

    Nunavut Securities Office
    Louis Arki

    Northwest Territories Securities Office
    Donn MacDougall