Regulatory Alerts2023-06-09
Regulation 44-102 respecting Shelf Distributions
The Quebec securities regulator issued Regulation 44-102 to establish the qualification criteria and procedural requirements for issuers distributing securities under shelf prospectus procedures. The regulation defines key terms such as base shelf prospectus and shelf prospectus supplement, and mandates that issuers meet specific financial and rating standards to file preliminary and final base shelf prospectuses. It further stipulates that receipts for these prospectuses remain effective for up to 25 months, subject to immediate lapse if the issuer fails to maintain current financial statements, adequate credit support, or required security ratings.
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