Regulatory Alerts2023-06-09
Regulation 11-102 Respecting the Passport System
Canadian securities regulatory authorities issued Regulation 11-102 to establish a passport system that designates principal regulators across specified provinces for prospectuses, discretionary exemptions, and registration applications. The regulation streamlines cross-jurisdictional compliance by allowing filings made in a principal jurisdiction to be automatically recognized locally, while defining clear rules for foreign firms and individuals. It further provides mechanisms for discretionary changes of principal regulators, automatic suspension or termination of registrations, and applications by credit rating organizations to become designated.
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