Regulatory Alerts2021-05-20
Draft Regulation Amending Regulation 45-106 Respecting Prospectus Exemptions
The Quebec securities regulator amends Regulation 45-106 to align prospectus exemption requirements with continuous disclosure standards by introducing standardized definitions for annual and interim disclosure statements. The amendment updates the offering memorandum rules for qualifying issuers, requiring the incorporation by reference of annual disclosure statements and interim disclosure statements instead of legacy financial report formats, while also adding NEO Exchange Inc. to the definition of listed issuers. Transition provisions mandate that issuers comply with the updated disclosure framework only after their designated effective date, preserving prior requirements until that compliance milestone is reached.
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