Regulatory Alerts2023-06-09
Policy Statement to Regulation 11-102 Respecting the Passport System
Issued by Canadian securities regulatory authorities, this policy statement implements the passport system to provide market participants with a single window of access across multiple provincial and territorial jurisdictions. It enables firms and individuals to interact solely with their principal regulator for deemed prospectus receipts, automatic discretionary exemptions, streamlined registration, and related regulatory decisions, which automatically apply in non-principal jurisdictions. The document outlines specific processes for identifying principal regulators, managing Ontario’s direct access to the passport system, maintaining harmonized national requirements, and preserving Québec language obligations alongside jurisdiction-specific carve-outs.