On September 29, 2016, the CSA issued revised guidance (the Guidance) on the new 2016 Exempt Distribution Report (the Report), in order to address ongoing concerns that certification requirements in the Report exclude Canadian institutional investors from foreign offerings. In particular, concerns have been raised that Canadian institutional investors have been excluded from participating in foreign offerings as a result of a ”perceived change in the risk of personal liability in the 2016 Report, as well as the more extensive information required in the 2016 Report.”

Though the CSA initially took steps to remedy these concerns with regulatory relief from the requirement to disclose whether a purchaser is a registrant or an insider of the issuer in certain circumstances, it acknowledges these issues still have not been satisfactorily resolved. As such, though the Guidance provides further clarification regarding issues such as the certification of the Report, the CSA is continuing to seek input on this issue and is considering additional steps to address the concerns.