CSA Staff Notice 11-344: Notice of Local Amendments in Certain Jurisdictions

CSA Staff Notice 11-344
Notice of Local Amendments in Certain Jurisdictions December 9, 2021 From time to time, a local jurisdiction may amend a national or multilateral instrument or change a policy or companion policy that affects activity only in that jurisdiction. The CSA recognize that such a local amendment or change may nonetheless be of interest or importance beyond the local jurisdiction and CSA staff are issuing this Notice to identify amendments and changes implemented in Alberta and Québec. For public convenience, CSA members in other jurisdictions will update the text of the applicable material on their websites to reflect these local amendments and changes. The local amendments referred to in this notice comprise those shown in Annexes A to D. These local amendments are to the following instruments:

• Regulation 25-102 respecting Designated Benchmarks and Benchmark Administrators
  (Québec);
• Regulation 45-102 respecting Resale of Securities (Alberta);
• Regulation 45-110 respecting Start-Up Crowdfunding Registration and Prospectus
  Exemptions (Québec);
• Regulation 81-105 respecting Mutual Fund Sales Practices (Québec).
  The text of rule and policy consolidations on the websites of CSA members will be updated, as necessary, to reflect these local amendments. You may direct questions regarding this Notice to:
  Sylvia Pateras
  Autorité des marchés financiers
  Tel: 514 395-0337, ext. 2536 sylvia.pateras@lautorite.qc.ca Noreen Bent British Columbia Securities Commission Tel. 604 899-6741 nbent@bcsc.bc.ca Jennifer Smith Alberta Securities Commission Tel: 403 355-3898 jennifer.smith@asc.ca Sarah Hill The Manitoba Securities Commission Tel: (204) 995-4837 Sarah.Hill@gov.mb.ca Derek Maher Financial and Consumer Affairs Authority of Saskatchewan Tel: 306 787-5867 derek.maher2@gov.sk.ca Oren Winer Ontario Securities Commission Tel: 416 593-8250 owiner@osc.gov.on.ca

Frank McBrearty
Financial and Consumer Services
Commission (New Brunswick)
Tel: 506 658-3119 frank.mcbrearty@fcnb.ca
Ella-Jane Loomis
Financial and Consumer Services
Commission (New Brunswick)
Tel: 506 453-6591 ella-jane.loomis@fcnb.ca
Doug Harris
Nova Scotia Securities Commission
Tel: 902 424-4106 doug.harris@novascotia.ca
Rhonda Horte
Office of the Yukon Superintendent of
Securities
Tel: 867 667-5466 rhonda.horte@yukon.ca
Scott Jones
Office of the Superintendent of Securities NL Tel: 709 729-2570 ScottJones@gov.nl.ca Jeff Mason Office of Superintendent of Securities, Nunavut Tel: 867 975-6591 JMason@gov.nu.ca Matthew Yap Department of Justice Government of the Northwest Territories Tel: 867 767-9305 matthew_yap@gov.nt.ca

ANNEX A
Local Amendments to Regulation 25-102 respecting Designated Benchmarks and Benchmark Administrators in Québec Regulation 25-102 respecting Designated Benchmarks and Benchmark Administrators is amended:
(a) by adding in subsection 1(1) “except the Bank of Canada,” after “securities regulatory authority,” in paragraph (a) of the definition of designated benchmark administrator; (b) by replacing “Except in Québec, a” with “A” in subsections 24(1) and (2); (c) by replacing “Except in Québec, before” with “Before” in subsection 24(3); (d) by replacing “Except in Québec, a” with “A” in subsections 24(4) and (5); (e) by replacing “Except in Québec, a” with “A” in subsections 25(1) and (2); (f) by replacing “Except in Québec, a” with “A” in subsections 30(1) and (2); (g) by replacing “Except in Québec, if” with “If” in subsection 33(1); (h) by replacing “Except in Québec, a” with “A” in subsection 33(2); (i) by replacing “Except in Québec, if” with “If” in subsection 37(1); (j) by replacing “Except in Québec, the” with “The” in subsection 37(2); (k) by replacing “Except in Québec, a” with “A” in subsections 38(1) and (2); (l) by replacing “Except in Québec, the” with “The” in subsection 38(3); (m) by replacing “Except in Québec, a” with “A” in subsections 39(2) to (4); (n) by replacing “Except in Québec with respect to benchmark contributors, a” with “A” in subsection 39(5); (o) by replacing “Except in Québec, the” with “The” in subsection 39(6); and (p) by replacing “Except in Québec, a” with “A” in subsections 39(7) and (8). These amendments became effective in Québec on July 13, 2021.

ANNEX B
Local Amendment to Regulation 45-102 respecting Resale of Securities in Alberta Regulation 45-102 respecting Resale of Securities is amended in Appendix D by replacing “section 3.1 of Alberta Securities Commission Rule 72-501 Distributions to Purchasers Outside Alberta;” with “section 5 and section 7 of Alberta Securities Commission Rule 72-501 Distributions to Purchasers Outside Alberta;” in Item 1 under the heading “Restricted Period Trades (Section 2.3)”. This amendment became effective in Alberta on April 15, 2021.

ANNEX C
Local Amendment to Regulation 45-110 respecting Start-Up Crowdfunding Registration and Prospectus Exemptions in Québec Regulation 45-110 respecting Start-Up Crowdfunding Registration and Prospectus Exemptions is amended in subsection 3.2 (1) of the Instructions of Form 45-110F1, Offering Document by adding “(except in Québec),” after “general partnership”. This amendment became effective in Québec on September 21, 2021.

ANNEX D
Local Amendment to Regulation 81-105 respecting Mutual Fund Sales Practices in Québec Regulation 81-105 respecting Mutual Fund Sales Practices is amended in section 1.1 by adding “except in Québec,” before “a rule or policy of the Mutual Fund Dealers Association of Canada” in paragraph (c) of the definition of “suitability determination”. This amendment became effective in Québec on December 31, 2020.