Regulatory Alerts2025-11-28
Policy Statement to Regulation 44-102 Respecting Shelf Distributions
The policy explains that variable terms and distribution details may be omitted from the base shelf prospectus and must instead be included in shelf prospectus supplements. It establishes distinct pre-clearance requirements for novel products while allowing non-novel derivatives to bypass regulatory review. Finally, the statement defines delivery obligations, noting that statutory rescission rights commence only upon the purchaser's receipt of all relevant supplements.
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