Regulatory Alerts2023-06-09
Policy Statement to Regulation 44-103 Respecting Post-Receipt Pricing
This Policy Statement clarifies the implementation of Regulation 44-103 respecting Post-Receipt Pricing (PREP) procedures, detailing their application and relationship with other securities legislation. It specifies that any issuer may use PREP procedures, permits up to a 20% change in offering size between prospectus and supplemented PREP prospectus filings to satisfy material change requirements, and outlines specific disclosure obligations for firm commitment and best efforts distributions. The policy also states that statutory rights of rescission or withdrawal commence upon receipt of a supplemented PREP prospectus, which is not considered an amendment, and directs users to Regulation 13-103 for electronic filing requirements.
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