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 416-595-8913 |
Barbara Shourounis Saskatchewan Financial Services Commission 306-787-5842 |
| Frédéric Alberro Autorité des marchés financiers 514-940-2176 |
Andrew Poon British Columbia Securities Commission 604-899-6880 |
| Nicholas A. Pittas Nova Scotia Securities Commission 902-424-6859 |
Mark Dickey Alberta Securities Commission 403-297-4481 |
| Ainsley Cunningham Manitoba Securities Commission 204-945-4733 |
Jane Gillies New Brunswick Securities Commission 506 643-7745 |
| Marc Gallant Prince Edward Island Office of the Attorney General 902-368-4552 |
Doug Connolly Financial Services Regulation Division Newfoundland and Labrador 709-729-2594 |
| Louis Arki Nunavut Securities Registry 867-975-6587 |
Donald MacDougall Securities Registry Northwest Territories 867-920-8984 |
| Fred Pretorius Yukon Securities Registry 867-667-5225 |