News Releases

Canadian Regulators Adopt Harmonized Prospectus Rule

Mar 13, 2008

The Canadian Securities Administrators (CSA) announced today that National Instrument 41-101 General Prospectus Requirements (NI 41-101) and related amendments will come into force on March 17, 2008. 
NI 41-101 creates a comprehensive and transparent set of national prospectus requirements for all issuers including certain investment funds. 
“NI 41-101 will make it easier for issuers to distribute securities across Canada by establishing one standard set of national prospectus rules,” said Jean St-Gelais, Chair of the CSA and President and Chief Executive Officer of the Autorité des marchés financiers (Québec). “The new rule will maintain a high level of disclosure to investors while reducing costs for issuers wishing to offer securities in more than one jurisdiction.”
The new rule is based on three general principles:
  • Harmonization and consolidation of the general prospectus requirements among Canadian jurisdictions.
  • Harmonization of the general prospectus requirements with the continuous disclosure and short form prospectus disclosure regimes.
  • Amendments to the principles underlying the general prospectus requirements identified as a result of regulatory reviews, applications for exemptive relief, or public comment and consultation.
NI 41-101 is coming into force at the same time as Multilateral Instrument 11-102 Passport System and new national policies that streamline Canadian regulatory processes for prospectuses and exemptive relief applications. 
NI 41-101 and related amendments are available on several CSA members’ websites.
The CSA, the council of the securities regulators of Canada’s provinces and territories, co-ordinates and harmonizes regulation for the Canadian capital markets.

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For more information:
Laurie Gillett
Ontario Securities Commission
Barbara Shourounis
Saskatchewan Financial Services
Frédéric Alberro
Autorité des marchés financiers
Andrew Poon
British Columbia Securities
Nicholas A. Pittas
Nova Scotia Securities Commission
Mark Dickey
Alberta Securities Commission
Ainsley Cunningham
Manitoba Securities Commission
Jane Gillies
New Brunswick Securities Commission
506 643-7745
Marc Gallant
Prince Edward Island
Office of the Attorney General
Doug Connolly
Financial Services Regulation Division
Newfoundland and Labrador
Louis Arki
Nunavut Securities Registry
Donald MacDougall
Securities Registry
Northwest Territories
Fred Pretorius
Yukon Securities Registry