Regulatory Alerts2023-03-09
Amendments to Policy Statement to Regulation 45-106 respecting Prospectus Exemptions
The Canadian Securities Administrators amended the Policy Statement to Regulation 45-106 to clarify definitions for real estate activities and collective investment vehicles, including mortgage investment entities. The updates refine the standard of disclosure for offering memorandums by detailing requirements for amending documents, handling material changes, and issuing new certificates during ongoing distributions. Additionally, the amendments introduce specific guidance on promoter certificates, appraisal triggers for related-party acquisitions, and plain language disclosure obligations for complex collective investment vehicle offerings.
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