Regulatory Alerts2023-06-09
National Policy 46-201: Escrow for Initial Public Offerings
The Canadian Securities Administrators issued National Policy 46-201 to establish uniform escrow requirements for principals of issuers conducting initial public offerings across Canada. The policy mandates that principals of emerging and established issuers place their securities in escrow to align their interests with public investors, with release schedules varying based on issuer classification and specific transaction circumstances. It defines eligible securities, identifies covered principals, and outlines standardized release timelines and procedures for managing escrowed assets.
Share