Regulatory Alerts2025-11-28
Regulation 44-102 Respecting Shelf Distributions
The Quebec Securities Commission issues Regulation 44-102 to establish the legal framework for shelf distributions under the Securities Act. The regulation defines key terms and sets qualification criteria for issuers to file base shelf prospectuses for various securities, including equity, debt, and asset-backed instruments. It further mandates that receipts for these prospectuses remain effective for up to 25 months, subject to specific conditions regarding financial statements, credit ratings, and exchange listings.
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