Regulatory Alerts2022-12-08
Regulation to Amend Regulation 45-106 Respecting Prospectus Exemptions
Canadian securities regulators amended Regulation 45-106 to update the Offering Memorandum prospectus exemption by introducing new definitions for collective investment vehicles, material contracts, and related parties. The amendments impose stricter disclosure requirements, including prohibitions on misrepresentations, mandatory amendments for material changes, and specific appraisal rules for real estate activities. Additionally, the regulation replaced Form 45-106F2 to standardize offering memorandum content and enhance investor protection through detailed financial and transactional disclosures.
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