News & Events

CSA / ACVM
For Immediate Release
September 29, 2016


Canadian Securities Regulators Provide Update on Consideration of Concerns Regarding Report of Exempt Distribution


Toronto – The Canadian Securities Administrators (CSA) today published CSA Staff Notice 45-308 (Revised) – Guidance for Preparing and Filing Reports of Exempt Distribution under National Instrument 45-106 Prospectus Exemptions.

The notice includes revised guidance to address certain of the comments raised by foreign dealers conducting offerings into Canada, and Canadian institutional investors, about the unintended effect of the certification requirements and other issues in Form 45-106F1 Report of Exempt Distribution (the report).

“This revised guidance supplements steps that the CSA have already taken to respond to concerns raised about the report, which include providing relief from the requirement to disclose whether a purchaser is a registrant or an insider of an issuer in certain circumstances.  This guidance is intended to alleviate some of the concerns identified. We continue to seek input on these issues and consider what further steps might be appropriate,” said Louis Morisset, Chair of the CSA and President and CEO of the Autorité des marchés financiers.

This notice replaces a prior version issued on April 7, 2016. A copy of this notice highlighting the changes made in response to the comments is also available on CSA members’ websites.  

The CSA, the council of the securities regulators of Canada’s provinces and territories, co-ordinates and harmonizes regulation for the Canadian capital markets.
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For more information:

Alison Walker
British Columbia Securities Commission
604-899-6713

Kristen Rose
Ontario Securities Commission
416-593-2336

Nicole Tuncay
Alberta Securities Commission
403-297-4008

Sylvain Théberge
Autorité des marchés financiers
514-940-2176

Jason (Jay) Booth
Manitoba Securities Commission
204-945-1660

Andrew Nicholson
Financial and Consumer Services
Commission, New Brunswick
506-658-3021

Jane H. Anderson
Nova Scotia Securities Commission
902-424-0179

Janice Callbeck
Office of the Superintendent of Securities
P.E.I
902-368-6288

John O’Brien
Office of the Superintendent of Securities
Newfoundland and Labrador
709-729-4909

Rhonda Horte
Office of the Yukon Superintendent
of Securities
867-667-5466

Jeff Mason
Nunavut Securities Office
867-975-6591

Tom Hall
Northwest Territories Securities Office
867-767-9305

Shannon McMillan
Financial and Consumer Affairs
Authority of Saskatchewan
306-798-4160