2019-09-05

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

The securities regulators amended Section 4.9 of Policy Statement to Regulation 44-101 to clarify the treatment of indirect acquisitions in short form prospectus distributions. The revision updates the criteria for determining whether an indirect acquisition is considered significant by referencing the proportionate interest provisions in Regulation 51-102. This change ensures consistent application of significant acquisition tests for issuers utilizing short form prospectus distribution mechanisms.

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 first bullet with the following: “- if the indirect acquisition would be considered a significant acquisition under Part 8 of Regulation 51-102 if the issuer applies those provisions to its proportionate interest in the indirect acquisition of the business;”.