Regulatory Alerts2025-09-19
Regulation 51-105 Respecting Issuers Quoted in the U.S. Over-the-Counter Markets
The Quebec securities regulator issued Regulation 51-105 to establish specific reporting and disclosure obligations for issuers quoted on U.S. over-the-counter markets. The regulation defines OTC reporting issuers, mandates continuous disclosure compliance with venture issuer standards, and requires timely filing of registration statements and notices regarding promotional activities. It further restricts the resale of private placement securities through specific holding periods and trading conditions while outlining procedures for ceasing reporting issuer status.
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