CSA Staff Notice 11-349: Notice of Local Amendments in Certain Jurisdictions

Canadian Securities Administrators
Autorités canadiennes en valeurs mobilières
CSA Staff Notice 11-349
Notice of Local Amendments in Certain Jurisdictions April 2, 2026 From time to time, a local jurisdiction may amend a national or multilateral regulation or change a policy statement that affects activity only in that jurisdiction. The CSA recognize that such a local amendment or change is of interest or importance beyond the local jurisdiction. CSA staff are issuing this Notice to identify amendments and changes implemented in British Columbia, Ontario, Saskatchewan and Yukon. 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 and changes referred to in this notice comprise those shown in Annexes A to D. These local amendments and changes are to the following regulations and policy:

• Regulation 31-103 respecting Registration Requirements, Exemptions and Ongoing
  Registrant Obligations (British Columbia);
• Regulation 45-106 respecting Prospectus Exemptions (Ontario);
• Regulation 45-110 respecting Start-up Crowdfunding Registration and Prospectus
  Exemptions (Saskatchewan);
• Policy Statement 11-203 respecting Process for Exemptive Relief Applications in Multiple
  Jurisdictions (Yukon).
  The text of rule and policy consolidations on the websites of CSA members will be updated, as necessary, to reflect these local amendments and changes. Questions Please refer your questions to any of the following:
  Isabelle Pelletier
  Autorité des marchés financiers isabelle.pelletier@lautorite.qc.ca

Noreen Bent
British Columbia Securities Commission nbent@bcsc.bc.ca Jennifer Smith Alberta Securities Commission jennifer.smith@asc.ca Leigh-Anne Mercier The Manitoba Securities Commission leigh-anne.mercier@gov.mb.ca Liliana Ripandelli Ontario Securities Commission lripandelli@osc.gov.on.ca Doug Harris Nova Scotia Securities Commission doug.harris@novascotia.ca

Sonne Udemgba
Financial and Consumer Affairs Authority of
Saskatchewan sonne.udemgba@gov.sk.ca
Moira Goodfellow
Financial and Consumer Services
Commission of New Brunswick moira.goodfellow@fcnb.ca Steven Dowling Government of Prince Edward Island, Superintendent of Securities sddowling@gov.pe.ca Mohammad Bin Mannan Atik Office of the Superintendent of Securities, Service NL MohammadAtik@gov.nl.ca Rhonda Horte Office of the Yukon Superintendent of Securities rhonda.horte@yukon.ca Matthew Yap Office of the Superintendent of Securities, Northwest Territories Matthew_Yap@gov.nt.ca Debora Bissou Department of Justice, Government of Nunavut dbissou@gov.nu.ca

ANNEX A
Local Amendments to Regulation 31-103 respecting Registration Requirements, Exemptions and Ongoing Registrant Obligations in British Columbia In B.C. Reg. 249/2025, the British Columbia Securities Commission ordered that, effective January 1, 2026, Regulation 31-103 respecting Registration Requirements, Exemptions and Ongoing Registrant Obligations, B.C. Reg. 226A/2009, is amended as set out below. 1 Regulation 31-103 respecting Registration Requirements, Exemptions and Ongoing Registrant Obligations, B.C. Reg. 226A/2009, is amended as set out in this Schedule. (…) 4 The following sections are added to Division 1 after section 14.1.1:
(…)
14.1.3 Interpretation of “reasonable approximation” in British Columbia
(1) In British Columbia, the references to “reasonable” in paragraphs 14.1.2(2)(a) and (b) are to be interpreted as (a) redundancies, (b) included for clarity only, and (c) not affecting the interpretation of other legislation that does not refer to “reasonable” in respect of the same or a similar requirement. (2) For greater certainty, for the purposes of paragraph (1)(c), despite a provision in the following regulations not including a reference to “reasonable” in respect of an approximation or a requirement to approximate, in British Columbia, a value or amount disclosed that is unreasonable does not satisfy the provision:
(a) Regulation 21-101 respecting Marketplace Operation; (b) Regulation 33-109 respecting Registration Information; (c) Regulation 41-101 respecting General Prospectus Requirements; (d) Regulation 44-101 respecting Short Form Prospectus Distributions; (e) Regulation 45-106 respecting Prospectus Exemptions; (f) Regulation 51-102 respecting Continuous Disclosure Obligations; (g) Regulation 54-101 respecting Communication with Beneficial Owners of Securities of a Reporting Issuer; (h) Regulation 55-102 respecting System for Electronic Disclosure by Insiders (SEDI); (i) Regulation 62-104 respecting Take-Over Bids and Issuer Bids; (j) Regulation 81-102 respecting Investment Funds; (k) any other provision of securities legislation that refers to “approximate”, “approximately” or “approximation”. (…).

ANNEX B
Local Amendments to Regulation 45-106 respecting Prospectus Exemptions in Ontario

1. Regulation 45-106 respecting Prospectus Exemptions is amended by this
   Instrument.
2. Subsection 2.4(2.1) is amended by adding the following paragraph:
   (i.1) a person who purchases a security of the issuer in reliance on the prospectus exemptions in Ontario Instrument 45-507 Self-Certified Investor Prospectus Exemption or Ontario Instrument 45-510 Self-Certified Investor Prospectus Exemption,.
3. Section 2.4 is amended by adding the following subsection:
   (3.1) In Ontario, subsection (3) does not apply to a distribution to a self-certified investor in reliance on the prospectus exemption in Ontario Instrument 45-510 Self-Certified Investor Prospectus Exemption..
4. This Instrument comes into force in Ontario on December 4, 2025.

ANNEX C
Local Amendments to Regulation 45-110 respecting Start-up Crowdfunding Registration and Prospectus Exemptions in Saskatchewan 1 These regulations may be cited as The Securities Commission (Adoption of National Instruments) (NI 45-110) Amendment Regulations, 2025. RRS c S-42.2 Reg 3, Part LXVII amended 2(1) Part LXVII of the Appendix to The Securities Commission (Adoption of National Instruments) Regulations is amended in the manner set forth in this section. (2) Appendix A to Regulation 45-110 respecting Start-up Crowdfunding Registration and Prospectus Exemptions is amended in the 12th bullet by striking out "a co-operative, as defined in clause (2)(1)(1) of The New Generation Co-Operatives Act (Saskatchewan)" and substituting "a co-operative, as defined in The New Generation Co-operatives Act (Saskatchewan) or in subsection 2(1) of The Co-operatives Act; 1996 (Saskatchewan)". Coming into force 3 These regulations came into force on July 25, 2025.

ANNEX D
Local Changes to Policy Statement 11-203 respecting Process for Exemptive Relief Applications in Multiple Jurisdictions in Yukon Policy Statement 11-203 respecting Process for Exemptive Relief Applications in Multiple Jurisdictions is changed by replacing “corporateaffairs@gov.yk.ca”, in paragraph (3) of
section 5.5, “Filing”, by “securities@yukon.ca”.
This change became effective in Yukon on April 1, 2025.