Regulatory Alerts2025-09-19
Regulation 45-513 Respecting Prospectus Exemption for Distribution to Existing Security Holders
The Autorité des marchés financiers issued Regulation 45-513 to exempt reporting issuers with listed equity securities from prospectus requirements when distributing securities to existing holders. This exemption applies only if the issuer files an offering news release, makes the offer available to all holders of the same class and series, and ensures purchasers meet specific suitability or investment limit criteria. Issuers must also provide written representations regarding disclosure accuracy, file offering materials, and submit a report of the exempt distribution within ten days of completion.
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