Regulatory Alerts2025-09-19
Regulation 45-106 Respecting Prospectus Exemptions
Canadian securities regulators issued Regulation 45-106 to establish the specific exemptions from the prospectus requirement for the distribution of securities under the Securities Act. The regulation defines key terms such as accredited investor and eligible investor, setting strict financial thresholds and criteria to determine which parties qualify for these exemptions. It further outlines the conditions under which securities can be traded without a prospectus, referencing related rules for resale and continuous disclosure obligations.
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