Regulatory Alerts2022-11-23
Policy Statement to Regulation 45-106 Respecting Prospectus Exemptions
The provincial and territorial securities regulatory authorities issued this policy statement to clarify the interpretation and application of Regulation 45-106 regarding prospectus exemptions. The document mandates that sellers rely on exemptions must take reasonable steps to verify purchaser eligibility, including assessing accredited investor status and confirming relationships with issuer insiders. It further prohibits the use of syndicates created solely to access exemptions and outlines specific compliance obligations for registered dealers and underwriters.
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