Regulatory Alerts2019-01-03
Policy Statement to Regulation 11-102 Respecting the Passport System
Canadian securities regulators issued this policy statement to implement a streamlined passport system that allows market participants to interact with a single principal regulator for prospectus receipts, discretionary exemptions, automatic registrations, designated rating organization status, and reporting issuer cease-status across multiple jurisdictions. The framework establishes uniform filing procedures through SEDAR and NRD, clarifies principal regulator designation processes, and ensures that decisions made by the principal regulator produce automatic legal outcomes in non-principal jurisdictions. It further delineates harmonized national requirements, jurisdiction-specific carve-outs, and Ontario’s direct access to the system while maintaining Québec’s linguistic filing obligations.