Changes to Policy Statement 11-202 Respecting Process for Prospectus Reviews in Multiple Jurisdictions

Canadian securities regulators have amended Policy Statement 11-202 to formally define the WKSI base shelf prospectus and clarify its procedural status. The revision excludes these prospectuses from the passport system because issuers neither file a preliminary prospectus nor indicate reliance on Regulation 11-102 through SEDAR+. As a result, receipts for WKSI base shelf prospectuses are automatically deemed issued in every jurisdiction where filed, removing the necessity for separate passport system applications.

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CHANGES TO POLICY STATEMENT 11-202 RESPECTING PROCESS FOR PROSPECTUS REVIEWS IN MULTIPLE JURISDICTIONS

Section 2.1 of Policy Statement 11-202 respecting Process for Prospectus Reviews in
Multiple Jurisdictions is changed by adding, after the definition of “waiver application”, the following, and making the necessary adaptations:
““WKSI base shelf prospectus” has the meaning ascribed to that term in Regulation 44-102 respecting Shelf Distributions.”.
The Policy Statement is changed by inserting, after section 3.5, the following:
“3.6. WKSI base shelf prospectus
An issuer that files a WKSI base shelf prospectus would not meet the conditions to use the passport system as it does not file a preliminary prospectus and would not indicate on SEDAR+ that it is relying on Regulation 11-102 in accordance with paragraph 3.3(1)(b) of Regulation 11-102. For this reason, the procedures described in this policy statement are not applicable to WKSI base shelf prospectuses. Further, since a receipt for a WKSI base shelf prospectus is deemed to be issued in every jurisdiction in which the prospectus is filed, the application of the passport system is not necessary.”.

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Source: Autorite des marches financiers Quebec — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works