Regulatory Alerts2019-05-09
Amendments to Regulation 44-102 Respecting Shelf Distributions: At-the-Market Distributions
Canadian securities regulators have amended Regulation 44-102 to establish a comprehensive framework for at-the-market distributions of equity securities under shelf prospectuses. The new Part 9 defines key terms, exempts certain provisions, and imposes specific requirements on issuers and underwriters, including liquidity tests, mandatory news releases, and strict prohibitions on market stabilization. Additionally, the amendments mandate monthly reporting of distribution details on SEDAR and prescribe specific language for issuer and underwriter certificates in base shelf prospectuses and supplements.
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