CANADIAN SECURITIES REGULATORS INTRODUCE EXEMPTIONS FOR QUALIFIED ISSUERS FROM CERTAIN BASE SHELF PROSPECTUS REQUIREMENTS
The Canadian Securities Administrators (the CSA) announced a pilot program for the adoption of a “well-known seasoned issuer” (WKSI) regime intended to streamline the process for large, established reporting issuers. Non-investment fund issuers that meet certain qualifications and conditions can file a final base shelf prospectus and obtain a receipt on an accelerated basis without first filing a preliminary base shelf prospectus.
The temporary exemptions will come into effect on January 4, 2022, and is slated to expire on July 4, 2023.
The IIAC had expressed support for a Canadian WKSI regime as part of the Ontario Capital Markets Modernization Taskforce consultation and the CSA consultation on reducing the regulatory burden for non-investment fund reporting issuers.
If you have any questions, please contact Susan Copland.