Amendments to Canadian Securities Regulatory Framework
February 6, 2023
On February 6, 2023 by way of Commission Order (dated November 8, 2022) and Minister’s Order (dated January 31, 2023) under section 154 the Securities Act amendments were made to the Securities Commission (Adoption of National Instruments) Regulations.
The Securities Commission (Adoption of National Instruments) (NI 13-101, NI 45-102 and NI 45-106) Amendment Regulations include amendments to Parts IV, XXI, XLIII of the Appendix.
Part IV of the Appendix is related to National Instrument 13-101 System for Electronic Document Analysis and Retrieval (SEDAR). Part XXI of the Appendix is related to National Instrument 45‑102 Resale of Securities. Part XI.III of the Appendix is related to National Instrument 45-106 Prospectus Exemptions.
System for Electronic Document Analysis and Retrieval (SEDAR) is an electronic filing system used by Canadian public companies and mutual funds to file and distribute securities-related information and documents with the relevant securities regulatory authorities in Canada. National Instrument 13-101 requires filers to use SEDAR to file a variety of securities-related documents, including prospectuses, financial statements, and material change reports.
National Instrument 45-102 (NI 45-102) is a regulatory framework that governs the prospectus and registration exemptions available to issuers and underwriters in connection with offerings of securities. It sets out the conditions that an issuer must satisfy in order to distribute securities to the public without a prospectus, subject to certain limitations and requirements.
National Instrument 45-106 (NI 45-106) is a securities regulatory framework that provides prospectus exemptions for certain distributions of securities to the public. It sets out the conditions that must be satisfied in order to distribute securities to the public without a prospectus, subject to certain limitations and requirements.
The Canadian Securities Administrators (CSA) is the umbrella organization of Canada’s provincial and territorial securities regulators whose objective is to improve, coordinate and harmonize regulation of the Canadian capital markets. It aims to achieve consensus on policy decisions which affect our capital market and its participants. It also aims to work collaboratively in the delivery of regulatory programs across Canada, such as the review of continuous disclosure and prospectus filings.
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