Regulatory Alerts2020-09-17
Amendments to Policy Statement to Regulation 45-106 respecting Prospectus Exemptions
The Canadian Securities Administrators amend the Policy Statement to Regulation 45-106 to clarify definitions for real estate activities and collective investment vehicles, including how subsidiary actions affect the parent issuer's status. The amendments update disclosure standards for offering memorandums by specifying requirements for financial statements, material changes, and the issuance of new certificates upon amendment. Additionally, the document introduces guidance on promoter definitions, removes syndicated mortgage-specific references, and mandates plain language disclosure for complex collective investment vehicle distributions.
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