45-102 - Resale of Securities [NI Amendment Proposed - Lapsed]
- BCN 2011/04 - Notice and Request for Comments - Proposed National Instrument 41-103, Proposed National Instrument 51-106, Proposed Amendments to National Instrument 52-109, National Instrument 45-106, National Instrument 45-102, and Proposed Consequential Amendments [BCN - Lapsed]
1. National Instrument 45-102 Resale of Securities is amended by this Instrument.
2. Part 1 – Definitions is amended by adding the following definition:
“”securitized product” has the same meaning as in NI 45-106;”
3. Part 2 – First Trades is amended by adding the following section:
“2.15 First Trade in a Securitized Product – The first trade of a securitized product distributed under section 2.44 of NI 45-106 is a distribution.”
4. Companion Policy 45-102CP – To National Instrument 45-102 Resale of Securities is amended by adding the following section:
“1.18 First trades of securitized products – The first trade of a securitized product distributed under section 2.44 of NI 45-106 is deemed to be a distribution to which the prospectus requirement would then apply. Consequently, an investor who acquires a securitized product under that exemption from the prospectus requirement may typically only resell the securitized product if the investor does one of the following:
(a) relies on section 2.44 of NI 45-106,
(b) qualifies the distribution of the securitized product by prospectus,
(c) applies for and obtains a discretionary exemption from the prospectus requirement.
It is not necessary for a certificate issued in respect of a securitized product to bear a legend stating the resale restrictions; however, the information memorandum used to distribute the securitized product is required to disclose these resale restrictions.”
5. This Instrument is effective on ●.