Regulatory Alerts2023-03-08
Multilateral CSA Staff Notice 45-309 (Revised): Guidance for Preparing and Filing an Offering Memorandum under Regulation 45-106
Staff of the Canadian Securities Administrators issued this revised notice to provide guidance to issuers and advisors on complying with the Offering Memorandum exemption under Regulation 45-106. The document details eighteen common deficiencies observed in filed offering memoranda, including failures to file on time, inadequate business and financial disclosures, and non-compliant accounting standards. Issuers are required to ensure their offering memoranda contain balanced, accurate information and adhere to strict formatting and certification requirements to avoid regulatory consequences.
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