Regulatory Alerts2019-01-03
Regulation 11-102 respecting Passport System
The Canadian Securities Administrators issued Regulation 11-102 to establish and update the Passport System, designating a single principal regulator whose prospectus receipts, discretionary exemptions, and registration decisions automatically apply across participating Canadian jurisdictions. The regulation streamlines cross-border securities filings by defining principal regulator criteria based on head office location, mandating SEDAR-based filing indications, and ensuring that terms, conditions, and suspensions in the principal jurisdiction extend to local jurisdictions. Updated through CSA Staff Notice 11-337, the framework reduces duplicative regulatory requirements for issuers, investment funds, dealers, advisers, and foreign firms operating in multiple provinces.