Regulatory Alerts2021-06-23
Regulation to Amend Regulation 45-102 Respecting Resale of Securities
The Quebec securities regulator amends Regulation 45-102 to incorporate a prospectus exemption for start-up crowdfunding offerings under Regulation 45-110. This amendment applies across Canada except in Manitoba, allowing issuers to rely on the new exemption for resale purposes. The regulation generally comes into force on September 21, 2021, with a delayed effective date for Saskatchewan filings submitted after that date.
REGULATION TO AMEND REGULATION 45-102 RESPECTING RESALE OF SECURITIES Securities Act (chapter V-1.1, s. 331.1, par. (3), (11) and (14))
- Appendix D of Regulation 45-102 respecting Resale of Securities (chapter V-1.1, r. 20) is amended by adding, after paragraph (2) before the heading “Transitional and Other Provisions”, the following paragraph: “3. Except in Manitoba, the exemption from the prospectus requirement in section 5 [Exemption from prospectus requirement for issuers] of Regulation 45-110 respecting Start-up Crowdfunding Registration and Prospectus Exemptions (insert reference).”.
- (1) This Regulation comes into force on September 21, 2021. (2) In Saskatchewan, despite paragraph 1, if this Regulation is filed with the Registrar of Regulations after September 21, 2021, this Regulation comes into force on the day on which it is filed with the Registrar of Regulations.
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