Securities Law

45-401 - Review of Minimum Amount and Accredited Investor Exemptions [CSA Staff Notice]

Published Date: 2011-11-10
Document(s):

Concurrently Published:

Public Consultation

Staff of the Canadian Securities Administrators (the CSA or we) are conducting a review of the minimum amount prospectus exemption and the accredited investor prospectus exemption contained in National Instrument 45-106 Prospectus and Registration Exemptions.

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

As part of the review, we are consulting with stakeholders, including investors, issuers, dealers and legal and other advisors.  The attached consultation note (the Note) provides more information on the scope of the review, including some background on the history of these exemptions and specific consultation questions for consideration. 

Next steps
At this time we invite you to review the Note and provide us with your written comments.  We also anticipate additional consultations with interested stakeholders as part of the review.

The consultation period is open until February 29, 2012.  Please send your comments electronically in Word format.

Address your submission to all of the Canadian securities regulatory authorities, as follows:

British Columbia Securities Commission
Alberta Securities Commission
Saskatchewan Financial Services Commission
Manitoba Securities Commission
Ontario Securities Commission
Autorité des marchés financiers
New Brunswick Securities Commission
Superintendent of Securities, Prince Edward Island
Nova Scotia Securities Commission
Securities Commission of Newfoundland and Labrador
Superintendent of Securities, Northwest Territories
Superintendent of Securities, Yukon Territory
Superintendent of Securities, Nunavut

Please deliver your comments only to the two addresses that follow.  Your comments will be forwarded to the remaining CSA jurisdictions. 

Gordon Smith
British Columbia Securities Commission
PO Box 10142, Pacific Centre
701 West Georgia Street
Vancouver, British Columbia
V7Y 1L2
Fax:  604-899-6814
e-mail:  gsmith@bcsc.bc.ca

Me  Anne-Marie Beaudoin
Corporate Secretary
Autorité des marchés financiers
800, square Victoria, 22e étage
C.P. 246, Tour de la Bourse
Montréal, Québec
H4Z 1G3
Fax : 514-864-6381
e-mail: consultation-en-cours@lautorite.qc.ca

Please note that all comments received will be posted at www.osc.gov.on.ca and on the websites of certain other securities regulatory authorities to improve the transparency of the policy-making process.

Please refer your questions to any of:

British Columbia
Gordon Smith
Senior Legal Counsel, Corporate Finance
British Columbia Securities Commission
604-899-6656
Toll free across Canada:  800-373-6393
gsmith@bcsc.bc.ca
George Hungerford
Senior Legal Counsel, Corporate Finance
British Columbia Securities Commission
604-899-6690
Toll free across Canada:  800-373-6393
ghungerford@bcsc.bc.ca
Alberta
Tracy Clark
Legal Counsel
Alberta Securities Commission
403-355-4424
Tracy.Clark@asc.ca
 
Saskatchewan
Dean Murrison
Deputy Director, Legal and Registration
Saskatchewan Financial Services Commission
306-787-5879
dean.murrison@gov.sk.ca
Manitoba
Chris Besko
Legal Counsel - Deputy Director
The Manitoba Securities Commission
204-945-2561
cbesko@gov.mb.ca

Ontario
Jo-Anne Matear
Manager, Corporate Finance
Ontario Securities Commission
416-593-2323
jmatear@osc.gov.on.ca

Elizabeth Topp
Senior Legal Counsel, Corporate Finance
Ontario Securities Commission
416-593-2377
etopp@osc.gov.on.ca

Jason Koskela
Senior Legal Counsel, Corporate Finance
Ontario Securities Commission
416-595-8922
jkoskela@osc.gov.on.ca

Melissa Schofield
Senior Legal Counsel, Investment Funds
Ontario Securities Commission
416-595-8777
mschofield@osc.gov.on.ca

Quebec
Sylvie Lalonde
Manager, Policy and Regulations Department
Autorité des marchés financiers
514-395-0337, ext. 4461
sylvie.lalonde@lautorite.qc.ca
Alexandra Lee
Senior Policy Advisor, Policy and Regulations Department 
Autorité des marchés financiers
514-395-0337, ext: 4465 
alexandra.lee@lautorite.qc.ca
New Brunswick
Wendy Morgan
Legal Counsel
New Brunswick Securities Commission
506-643-7202
wendy.morgan@nbsc-cvmnb.ca
Nova Scotia
Shirley Lee
Director, Policy and Market Regulation
Nova Scotia Securities Commission
902-424-5441
leesp@gov.ns.ca
Prince Edward Island
Steve Dowling
Superintendent of Securities
Prince Edward Island
902-368-4552
sddowling@gov.pe.ca
Newfoundland and Labrador
Don Boyles
Program & Policy Development
Securities Commission of Newfoundland and Labrador
Government of Newfoundland & Labrador
709-729-4501
dboyles@gov.nl.ca
Nunavut
Louis Arki, Director, Legal Registries
Department of Justice, Government of Nunavut
867-975-6587
larki@gov.nu.ca
Northwest Territories
Donn MacDougall
Deputy Superintendent, Legal & Enforcement
Office of the Superintendent of Securities
Government of the Northwest Territories
867-920-8984
donald_macdougall@gov.nt.ca
Yukon
Frederik J. Pretorius
Manager Corporate Affairs (C-6)
Dept of Community Services
Government of Yukon
867-667-5225
Fred.Pretorius@gov.yk.ca