News Release
Canadian securities regulators issue statement following rescission of the Cole Memorandum
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Date:
2018-01-12 -
Number:
2018/02
Toronto - On October 16, 2017, the CSA published Staff Notice 51-352 Issuers with U.S. Marijuana-Related Activities. The notice outlined a disclosure-based approach to highlight risks facing issuers with U.S. marijuana-related activities and reflected the existence of a U.S. federal government forbearance approach (per the Cole Memorandum) to the enforcement of federal laws relating to marijuana.
The notice indicated that we would re-examine our views in the event that the U.S. federal government's approach were to change.
On January 4, 2018, the U.S. Attorney General rescinded all previous guidance specific to federal law enforcement relating to marijuana, including the prior approach under the Cole Memorandum.
The CSA is considering whether our disclosure-based approach for issuers with U.S. marijuana-related activities remains appropriate in light of the rescission of the Cole Memorandum. Issuers with no U.S. marijuana-related activities and that otherwise operate in compliance with applicable Canadian laws are not the focus.
We will communicate more details about our position shortly.
The CSA, the council of securities regulators of Canada's provinces and territories, coordinates and harmonizes regulation for the Canadian capital markets.
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For more information:Kristen Rose Ontario Securities Commission 416-593-2336 | Hilary McMeekin Alberta Securities Commission 403-592-8186 |
Alison Walker British Columbia Securities Commission 604-899-6713 | Sylvain Théberge Autorité des marchés financiers 514-940-2176 |
Jason (Jay) Booth Manitoba Securities Commission 204-945-1660 | Erin King Financial and Consumer Services Commission, New Brunswick 506-643-7045 |
David Harrison Nova Scotia Securities Commission 902-424-8586 | Steve Dowling Government of Prince Edward Island, Superintendent of Securities 902-368-6288 |
John O'Brien Office of the Superintendent of Securities Newfoundland and Labrador 709-729-4909 | Rhonda Horte Office of the Yukon Superintendent of Securities 867-667-5466 |
Jeff Mason Nunavut Securities Office 867-975-6591 | Tom Hall Office of the Superintendent of Securities Northwest Territories 867-767-9305 |
Shannon McMillan Financial and Consumer Affairs Authority of Saskatchewan 306-798-4160 |