Securities Law & Instruments

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AMENDMENTS TO NATIONAL INSTRUMENT 44-101 SHORT FORM PROSPECTUS DISTRIBUTIONS

 

1.             National Instrument 44-101 Short Form Prospectus Distributions is amended by this Instrument.

2.             Section 1.1 is amended by replacing the definition of “designated rating” with the following:

“designated rating” means the following:

(a)           for the purposes of paragraph 2.6(1)(c), a credit rating from a designated rating organization listed in this paragraph, from a DRO affiliate of an organization listed in this paragraph, from a designated rating organization that is a successor credit rating organization of an organization listed in this paragraph or from a DRO affiliate of such successor credit rating organization, that is at or above one of the following corresponding rating categories or that is at or above a category that replaces one of the following corresponding rating categories:

Designated Rating Organization

Long Term Debt

Short Term Debt

Preferred Shares

DBRS Limited

BBB

R-2

Pfd-3

Fitch Ratings, Inc.

BBB

F3

BBB

Kroll Bond Rating Agency, Inc.

BBB

K3

BBB

Moody’s Canada Inc.

Baa

Prime-3

Baa

S&P Global Ratings Canada

BBB

A-3

P-3

(b)           except as described in paragraph (a), a credit rating from a designated rating organization listed in this paragraph, from a DRO affiliate of an organization listed in this paragraph, from a designated rating organization that is a successor credit rating organization of an organization listed in this paragraph or from a DRO affiliate of such successor credit rating organization, that is at or above one of the following corresponding rating categories or that is at or above a category that replaces one of the following corresponding rating categories:

Designated Rating Organization

Long Term Debt

Short Term Debt

Preferred Shares

DBRS Limited

BBB

R-2

Pfd-3

Fitch Ratings, Inc.

BBB

F3

BBB

Moody’s Canada Inc.

Baa

Prime-3

Baa

S&P Global Ratings Canada

BBB

A-3

P-3

3.             Section 1.1 is amended by replacing the definition of “designated rating organization” with the following:

“designated rating organization” means,

(a)           if designated under securities legislation, any of

(i)            DBRS Limited, Fitch Ratings, Inc., Kroll Bond Rating Agency, Inc., Moody’s Canada Inc. or S&P Global Ratings Canada,

(ii)           a successor credit rating organization of a credit rating organization listed in subparagraph (i), or     

(b)           any other credit rating organization designated under securities legislation;.

4.             Section 1.1 is amended by adding the following definition:

“successor credit rating organization” means, with respect to a credit rating organization, any credit rating organization that succeeded to or otherwise acquired all or substantially all of another credit rating organization’s business in Canada, whether through a restructuring transaction or otherwise, if that business was, at any time, owned by the first-mentioned credit rating organization;.

5.             Subsection 8.1(4) is amended by adding “Alberta and” before “Ontario”.

6.             This Instrument comes into force on June 12, 2018.