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2021-05-20

Draft Amendments to Policy Statement to Regulation 45-106 respecting Prospectus Exemptions

The securities regulators amended Policy Statement to Regulation 45-106 to clarify prospectus exemption requirements for qualifying issuers. The changes update Form 45-106F3 to specify that issuers must incorporate by reference their annual disclosure statement, financial statements, MD&A, and AIF. Additionally, the French text of Section 4.7 was corrected to replace the term for asset-backed securities with the appropriate terminology.

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Autorite des marches financiers Quebec

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AMENDMENTS TO POLICY STATEMENT TO REGULATION 45-106 RESPECTING PROSPECTUS EXEMPTIONS

  1. Section 3.8 of Policy Statement to Regulation 45-106 respecting Prospectus Exemptions is amended by replacing, in paragraph (2), the second sentence of the first paragraph with the following: “Form 45-106F3 requires qualifying issuers to incorporate by reference their annual disclosure statement or annual financial statements and related management’s discussion and analysis (MD&A), and AIF, if it is not included in the issuer’s annual disclosure statement, and subsequent specified continuous disclosure documents required under Regulation 51-102.”.
  2. Section 4.7 of the Policy Statement is amended by replacing, in the French text of the second paragraph, the words “titres adossés à des créances” with the words “titres adossés à des actifs”.
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