Regulatory Alerts2025-04-17
CSA Coordinated Blanket Orders 41-930, 45-930, and 45-933 Exemptions from Prospectus and Disclosure Requirements
The Canadian Securities Administrators issued coordinated blanket orders to streamline prospectus and disclosure requirements, exempt new reporting issuers from prospectus rules for 12 months post-IPO, and exclude reinvestment amounts from offering memorandum investment limits. These measures reduce issuer costs and administrative burdens by allowing the exclusion of third-year financial statements, permitting specific pricing data in marketing materials, and waiving promoter certificates under defined conditions. The orders aim to enhance capital raising opportunities and market competitiveness while maintaining investor protection through continued disclosure obligations and suitability advice requirements.
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