Regulatory Alerts2020-09-17
Regulation to amend Regulation 45-106 respecting Prospectus Exemptions
Securities regulators amend Regulation 45-106 to introduce definitions for collective investment vehicles and real estate activities while updating the eligibility advisor designation to the Chartered Professional Accountants of Canada. The amendments impose new disclosure and filing requirements for offering memoranda, including mandatory appraisals for real estate transactions involving related parties and stricter rules regarding material changes and misrepresentations. Additionally, the document replaces Form 45-106F2 with a comprehensive template that mandates specific disclosures regarding fund usage, business objectives, and related party transactions for non-qualifying issuers.
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