News Releases

CSA Implements National Prospectus and Registration Exemption Rule

Sep 14, 2005

The Canadian Securities Administrators (CSA) implemented a new rule today that will harmonize and consolidate prospectus and registration exemptions across Canada.


National Instrument 45-106 Prospectus and Registration Exemptions (NI 45-106) takes effect today and sets out most significant existing exemptions found in securities legislation across Canada. In addition to consolidating the various exemption regimes across Canada, NI 45-106 is more straight-forward and user-friendly.


A list of any remaining local exemptions to prospectus and registration requirements of securities laws can be found in CSA Staff Notice 45-304 Notice of Local Exemptions Related to National Instrument 45-106 Prospectus and Registration Exemptions which is available on the CSA website at


Canadian companies wanting to access the exempt market are encouraged to familiarize themselves with the new rule.  NI 45-106 and all related materials can be found on websites of Canadian securities regulators.


The CSA, the council of the securities regulators of Canada's provinces and territories, co-ordinates and harmonizes regulation for the Canadian capital markets.