Securities Law & Instruments

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CSA STAFF NOTICE 45-304

NOTICE OF LOCAL EXEMPTIONS

Related to

National Instrument 45-106 Prospectus and Registration Exemptions

Effective September 14, 2005, members of the Canadian Securities Administrators (CSA or we) have implemented National Instrument 45-106 Prospectus and Registration Exemptions (NI 45-106) together with various consequential repeals and amendments to certain national, multilateral and local instruments, rules and regulations.

Although NI 45-106 consolidates and harmonizes most of the prospectus and registration exemptions contained in various provincial statutes and national, multilateral and local instruments into a single national instrument, there remain a limited number of local exemptions in each jurisdiction.

On July 8, 2005 the CSA published notice of approvals of NI 45-106 and related consequential repeals and amendments. At that time, the CSA also stated that on final publication of NI 45-106, we would publish a CSA Notice listing all prospectus and registration exemptions in each jurisdiction that are not included in NI 45-106. These exemptions are listed by jurisdiction and are available only in that jurisdiction. Please refer to the Appendix attached to this notice. Although we have attempted to consolidate a list of all remaining exemptions by local jurisdiction, we encourage persons relying on a local exemption to consult the securities legislation of the jurisdiction. If a jurisdiction is not listed in the Appendix, please consult the securities legislation of that jurisdiction for any local exemptions.

The list of exemptions in the Appendix is up-to-date as of September 14, 2005. Although the CSA will update the list of local exemptions periodically, issuers and their counsel should check the current status of any local exemption.

Questions

Questions about any of the local exemptions listed in the Appendix may be referred to the contact(s) for that local jurisdiction listed below:

Patricia Leeson
Senior Legal Counsel
Alberta Securities Commission
(403) 297-5222
patricia.leeson@seccom.ab.ca
 
Leslie Rose
Senior Legal Counsel, Capital Markets Regulation
British Columbia Securities Commission
(604) 899- 6654
lrose@bcsc.bc.ca
 
Dean Murrison
Deputy Director, Legal/Registration
Securities Division
Saskatchewan Financial Services Commission
(306) 787-5879
dmurrison@sfsc.gov.sk.ca
 
Chris Besko
Legal Counsel -Deputy Director
The Manitoba Securities Commission
(204) 945-2561
cbesko@gov.mb.ca
 
Jo-Anne Matear
Senior Legal Counsel, Corporate Finance
Ontario Securities Commission
(416) 593-2323
jmatear@osc.gov.on.ca
 
Marsha Gerhart
Senior Legal Counsel, Registrant Legal Services
Ontario Securities Commission
(416) 595 8918
mgerhart@osc.gov.on.ca
 
David Chasson
Legal Counsel, Corporate Finance
Ontario Securities Commission
(416) 595-8945
dchasson@osc.gov.on.ca.
 
Sylvie Lalonde
Conseillère en réglementation
Autorité des marchés financiers
(514) 395-0558, poste 4398
sylvie.lalonde@lautorite.qc.ca
 
Shirley Lee
Staff Solicitor
Nova Scotia Securities Commission
(902) 424-5441
leesp@gov.ns.ca
 
Susan W. Powell
Legal Counsel
New Brunswick Securities Commission
(506) 658-3117
Susan.Powell@nbsc-cvmnb.ca
 
Katharine Tummon
Legal Counsel
Prince Edward Island Securities Office
(902) 368-4542
kptummon@gov.pe.ca
 
Paul Myrden
Program & Policy Development
Securities Commission of Newfoundland and Labrador
Government of Newfoundland and Labrador
(709) 729-4875
pmyrden@gov.nl.ca
 
Tony S. K. Wong, Registrar, Securities & Corporate Registries
Northwest Territories Securities Registry
(867) 920-3318
tony_wong@gov.nt.ca
 
Gary Crowe, Registrar of Securities
Government of Nunavut, Justice Department
(867) 975-6190
gcrowe@gov.nu.ca
 
Richard Roberts, Registrar of Securities
Government of Yukon
(867) 667-5225
richard.roberts@gov.yk.ca

September 9, 2005

 

APPENDIX

LOCAL EXEMPTIONS - ALBERTA

Alberta Securities Commission Rules

Sections 68, and 123 (capital accumulation plan)

Section 68.1 (Registration exemption exempt purchaser)

Section 69.1 (Registration exemption promoter)

Section 69.2 (Registration exemption for issuers under Rural Utilities Act)

Section 69.3 (Registration exemption for cooperative membership shares)

Section 69.4 (Registration exemption for cooperative investment shares)

Section 69.5 (Transitional:exemption of trades)

Section 127.01 (Prospectus exemption for exempt purchaser)

Section 127.02 (Prospectus exemption for promoter)

Section 127.03 (Prospectus exemption for cooperatives and corporations under the Rural Utilities Act)

Section 127.04 (Transitional: exemption of trades)

ASC Rule 45-502 Trade with RESP

ASC Rule 72-501 Distributions to Purchasers Outside Alberta

ASC Rule 91-504 Strip Bonds

Blanket Orders

ASC Blanket Order 91-502 Over-the-Counter Derivatives Transactions and Commodity Contracts

ASC Blanket Order 87/03/26 Certain Interests in Government Securities

ASC Blanket Order 90/02/22 Trades of Government Warrants

 

APPENDIX

LOCAL EXEMPTIONS - BRITISH COLUMBIA

Securities Act (British Columbia)

Sections 45(2) (4) and 74(2) (3) (Exempt purchaser)

Sections 45(2) (13) and 74 (2) (12) (Realization on collateral given for a debt)

Sections 46(h) and 75(a) (Cooperative Associations Act)

Sections 46(i) and 75(a) (Shares or deposits of a credit)

Sections 46(k) and 75(a) (Cooperative corporations under the Real Estate Act)

Securities Rules (British Columbia)

Sections 89(e) and 128(f) (Bonus or finder's fee)

Commission Rules

BC Instrument 45-501 Mortgages

BC Instrument 45-502 Cooperative associations

Blanket Orders

BC Instrument 31-503 Exchange contracts dealers trading in commodity pool securities

BC Instrument 32-501 Advising and related trading under an exemption

BC Instrument 45-504 Trades to trust companies, insurers and portfolio managers outside BC

BC Instrument 45-510 Trades in self-directed registered educational savings plans

BC Instrument 45-511 Trades of government warrants

BC Instrument 45-512 Real estate securities

BC Instrument 45-513 Resale relief for eligible real estate securities

BC Instrument 45-514 The Employee Investment Act

BC Instrument 45-515 Resale of rights

BC Instrument 72-502 Trades in securities of U.S. registered issuers

BC Instrument 72-503 Distribution of securities outside B.C.

BC Instrument 72-504 Distribution of Eurobonds

BC Instrument 91-501 Over-the-counter derivatives

BC Instrument 91-502 Short term foreign exchange transactions

BC Instrument 91-503 Contracts providing for physical delivery of commodities

BC Instrument 91-504 Government strip bonds

 

APPENDIX

LOCAL EXEMPTIONS - MANITOBA

The Securities Act (Manitoba)

Section 19(1)(c) and 58(1)(a) -- Exempt Purchasers

Sections 19(2)(g) and 58(3)(a) -- Securities to which The Cooperatives Act apply

Sections 19(2)(h) and 58(3)(a) -- Securities to which The Credit Unions and Caisses Populaires Act apply

Securities Regulation (Manitoba)

Sections 91(a) and (b) of The Securities Regulation M.R. 491/88R

 

APPENDIX

LOCAL EXEMPTIONS - NEW BRUNSWICK

Rules

Local Rule 45-501 Prospectus and Registration Exemptions

 

APPENDIX

LOCAL EXEMPTIONS - NORTHWEST TERRITORIES

Securities Act (Northwest Territories)

Section 2 (Various exemptions from registration requirement)

Blanket Orders

Blanket Order No. 1 -- Section 2 (Secondary Market Trading)

Blanket Order No. 1 -- Subsection 3(a) (Bona Fide Debts of Non-control Persons)

Blanket Order No. 1 -- Section 3(b) (Securities of a Co-operative)

Blanket Order No. 1 -- Section 3(c) (Distributions commenced in reliance on Blanket Order exemptions in effect prior to September 14, 2005)

Blanket Order No. 2 -- Subsection 2(a) (Bona Fide Debts of Non-control Persons)

Blanket Order No. 2 -- Section 2(b) (Securities of a Co-operative)

Blanket Order No. 2 -- Section 2(c) (Trades commenced in reliance on Blanket Order exemptions in effect prior to September 14, 2005)

 

APPENDIX

LOCAL EXEMPTIONS - NOVA SCOTIA

Securities Act (Nova Scotia)

Section 41(1) (y), (ac), (ah)(ii) and (am) (Registration exemptions for government incentive securities)

Section 41(1) (ama) and (amb) (Registration exemption for securities of a cooperative)

Section 41(2)(i) (Registration exemption for shares of a credit union within the meaning of the Credit Union Act)

Section 77(1)(u), (w), (ab)(ii) and (ag) (Prospectus exemptions for government incentive securities)

Section 77(1)(ah) (Prospectus exemption for securities of a cooperative)

Section 78(1)(a) as it relates to section 41(2)(i) (Prospectus exemption for shares of a credit union within the meaning of the Credit Union Act)

Section 78(1)(b) (Prospectus exemption for trades of securities under a statement of material facts)

Section 78(1)(c) (Prospectus exemption for put and call options)

Rules

NSSC Rule 35-101 Conditional Exemption from Registration for United States Broker-Dealers and Agents

Regulations

Section 3 of the Community Economic -- Development Corporations Regulations. - N.S. Reg.79/98 (Registration and prospectus exemptions for shares of a community economic-development corporation)

Blanket Orders

Blanket Order No. 3 Zero Coupon Strip Bonds

Blanket Order No. 10 Certain Trades in Registered Education Savings Plans

Blanket Order No. 11 Self-Directed Registered Education Savings Plans

Blanket Order No. 15 Trading in Recognized Options Cleared through Recognized Clearing Organizations

Blanket Order No. 16 Trading in Commodity Futures Contracts and Commodity Futures Options

Blanket Order No. 24 Certain Certificates for Government Securities

Blanket Order No. 40 International Advisers

Blanket Order No. 46 Shareholder Protection Rights Plans

Blanket Order No. 47 Distribution of Mutual Funds Established for Employees of a Company and Its Affiliates

Blanket Order No. 52 Local Policy No. 34-601 - Non-Resident Salesperson

Blanket Order No. 45-509 Trades in Warrants to Acquire Certain Debt Securities

Blanket Order No. 45-510 First and Subsequent Trades in Shares of a Community Economic-Development Corporation

Blanket Order No. 45-511 Transitional Trades Relating to Adoption of Rule 45-106 Prospectus and Registration Exemptions

 

APPENDIX

LOCAL EXEMPTIONS - NUNAVUT

Securities Act (Nunavut)

Section 2 (Various exemptions from registration requirement)

Blanket Orders

Blanket Order No. 1 -- Section 2 (Secondary Market Trading)

Blanket Order No. 1 -- Subsection 3(a) (Bona Fide Debts of Non-control Persons)

Blanket Order No. 1 -- Section 3(b) (Securities of a Co-operative)

Blanket Order No. 1 -- Section 3(c) (Distributions commenced in reliance on Blanket Order exemptions in effect prior to September 14, 2005)

Blanket Order No. 3 -- Subsection 2(a) (Bona Fide Debts of Non-control Persons)

Blanket Order No. 3 -- Section 2(b) (Securities of a Co-operative)

Blanket Order No. 3 -- Section 2(c) (Trades commenced in reliance on Blanket Order exemptions in effect prior to September 14, 2005)

 

APPENDIX

LOCAL EXEMPTIONS - ONTARIO

Regulations

Part XI -- Universal Registration, Ont. Reg. 1015 -- General Regulation made under the Securities Act (Ontario), R.R.O. 1990, Reg. 1015, as am.

Ontario Regulation 106/03 Exemptions respecting the Ontario Municipal Economic Infrastructure Financing Authority

Ontario Regulation 85/05 Exemptions respecting the Ontario Financing Authority

Rules

Ontario Securities Commission Rule 32-501 Direct Purchase Plans

Ontario Securities Commission Rule 35-101 Conditional Exemption from Registration for United States Broker-Dealers and Agents

Ontario Securities Commission Rule 35-502 Non Resident Advisers

Ontario Securities Commission Rule 35-503 Trades by Certain Members of The Toronto Stock Exchange

Ontario Securities Commission Rule 45-501 Ontario Prospectus and Registration Exemptions

Ontario Securities Commission Rule 91-501 Strip Bonds

Ontario Securities Commission Rule 91-502 Trades in Recognized Options -- Rule Under the Securities Act

Ontario Securities Commission Rule 91-503 Trades in Commodity Futures Contracts and Commodity Futures Options Entered into on Commodity Futures Exchanges Situate Outside of Ontario -- Rule Under the Securities Act

 

APPENDIX

LOCAL EXEMPTIONS - PRINCE EDWARD ISLAND

Securities Act (Prince Edward Island)

clause 2(4)(f) - (Co-operative Associations)

clause 2(4)(g) - (Credit Unions)

Rules

Local Rule 45-507 - Exempt Distributions - Self Directed Registered Education Savings Plans

Local Rule 45-510 - Exempt Distributions - Exemptions for Trades Pursuant to Take-Over Bids and Issuer Bids

 

APPENDIX

LOCAL EXEMPTIONS - QUEBEC

Securities Act (Québec)

Section 3 (exemptions)

- - - - - - - - - - - - - - - - - - - -

Paragraph 2 of section 3 (exemption for closed company) is repealed and is not included in this reference.

- - - - - - - - - - - - - - - - - - - -

Section 41 (prospectus exemptions)

Section 154 (exemptions)

Sections 194.1 and 194.2

 

APPENDIX

LOCAL EXEMPTIONS - SASKATCHEWAN

General Rulings/Orders

General Ruling/Order 32-901 Direct Purchase Plans

General Ruling/Order 45-901 Self-Directed Registered Education Savings Plans

General Ruling/Order 45-902 Labour-Sponsored Venture Capital Corporations

General Ruling/Order 45-911 Co-operative and Credit Union Exemption

General Ruling/Order 72-901 Trades to Purchasers Outside of Saskatchewan

General Ruling/Order 91-901 Recognized Options Rationalization Order

General Ruling/Order 91-902 The Toronto Futures Exchange Order

General Ruling/Order 91-903 Trading on the Toronto Futures Exchange of TSE Spot Index Contracts Order

General Ruling/Order 91-904 Government Warrants

General Ruling/Order 91-905 Certain Interests in Government Securities

General Ruling/Order 91-906 Strip Bonds