2020-11-12

Draft Amendments to Policy Statement to Regulation 44-101 respecting Short Form Prospectus Distributions

The securities regulators issued amendments to Policy Statement 44-101F1 to clarify the treatment of indirect business acquisitions. The changes modify Section 4.9 by replacing the first hyphen in paragraph (3) to specify that an indirect acquisition is considered significant if it would be significant under Part 8 of National Instrument 51-102 applied to the issuer's proportionate interest. This adjustment ensures consistent application of Business Acquisition Report requirements for indirect acquisitions in short form prospectus distributions.

Canada

Autorite des marches financiers Quebec

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AMENDMENTS TO POLICY STATEMENT TO REGULATION 44-101 RESPECTING SHORT FORM PROSPECTUS DISTRIBUTIONS

1. Section 4.9 of Policy Statement to Regulation 44-101 respecting Short Form Prospectus Distributions is amended by replacing, in paragraph (3), the text of the first hyphen with: “- if the indirect acquisition would be considered a significant acquisition under Part 8 of Regulation 51-102 if the issuer applied those provisions to its proportionate interest in the indirect acquisition of the business; and”.