Regulatory Alerts2021-08-25
Policy Statement to Regulation 51-105 Respecting Issuers Quoted in the U.S. Over-the-Counter Markets
The Canadian Securities Administrators issued this policy statement to interpret and apply Regulation 51-105, which governs reporting issuer status and obligations for companies quoted on U.S. over-the-counter markets in Canada. The document defines the criteria for designating an issuer as an OTC reporting issuer, outlines specific disclosure requirements including exemptions for SEC filers, and details procedures for ceasing reporting status. It further restricts the resale of private placement securities and sets out transition periods for financial disclosure compliance.
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