Regulatory Alerts2023-06-09
Regulation 51-105 respecting Issuers Quoted in the U.S. Over-the-Counter Markets
The Quebec securities regulator issued Regulation 51-105 to establish specific reporting, disclosure, and trading rules for issuers whose securities are quoted on U.S. over-the-counter markets. The regulation defines OTC reporting issuers, mandates continuous disclosure obligations aligned with venture issuer standards, and imposes strict conditions on the resale of private placement securities. It also requires timely filing of registration statements and notices regarding promotional activities while restricting certain insider reporting exemptions.
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