Regulatory Alerts2023-06-09
Policy Statement to Regulation 51-105 Respecting Issuers Quoted in the U.S. Over-the-Counter Markets
The Canadian Securities Administrators issued this policy statement to interpret and apply Regulation 51-105, which governs reporting issuer status and obligations for entities quoted on U.S. over-the-counter markets in Canada. The document defines the criteria for designating an OTC reporting issuer, outlines specific disclosure requirements including exemptions for SEC filers, and details procedures for ceasing reporting status or reselling private placement securities. It further clarifies administrative processes such as electronic filing via SEDAR+ and the coordinated review of exemptive relief applications across jurisdictions.
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