Regulatory Alerts2023-09-21
Draft Amendments to Policy Statement to Regulation 44-102 Respecting Shelf Distributions for Well-Known Seasoned Issuers
Securities regulators amend Policy Statement 44-102 to clarify the regulatory framework for distributions under Well-Known Seasoned Issuer base shelf prospectuses. The amendments establish that receipts for these prospectuses are deemed issued upon filing without staff review, thereby excluding the application of the passport system and prohibiting pre-marketing activities prior to deemed issuance. Additionally, the changes impose annual eligibility confirmation requirements on issuers and specify that existing preliminary or base shelf prospectuses cannot be amended into WKSI base shelf prospectuses.
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