CANADIAN SECURITIES ADMINISTRATORS STREAMLINE AT-THE-MARKET (ATM) DISTRIBUTION REGIME
Several IIAC recommendations adopted
The Canadian Securities Administrators published final amendments that streamline at-the-market (ATM) distributions in Canada, and reduce regulatory burden for issuers, exchanges and investment dealers. ATM distributions will now be available to issuers without having to incur the time and cost of applying for exemptive relief to conduct such distributions.
Several of the IIAC’s proposals outlined in our August 2019 submission were adopted:
Unfortunately, the IIAC’s request to Remove the Specific Right for Rescission or Damages was denied.
Interestingly, the CSA indicates that the AMF is analyzing the merits of any exemptive relief application from the translation requirements.
The amendments will become effective on August 31, 2020.
For more information, please contact Susan Copland.