Regulatory Alerts2022-04-07
Draft Amendment to Policy Statement to Regulation 44-103 respecting Post-Receipt Pricing
The securities regulatory authorities have issued a draft amendment to the Policy Statement to Regulation 44-103 to clarify dealer obligations regarding access to supplemented PREP prospectuses. The amendment establishes that in jurisdictions other than British Columbia, providing access to these documents satisfies delivery requirements, while British Columbia dealers receive an exemption if specific conditions are met. Additionally, the text replaces section 3.3 to define that statutory rights of rescission or withdrawal commence from the later of the filing date of the supplemented prospectus or the date the purchaser enters into the purchase agreement.
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