Canadian regulators propose SEDAR filing for exempt offerings. The Canadian Securities Administrators (CSA) (except Ontario and British Columbia) requested comment on proposed amendments to National Instrument 13-101 “System for Electronic Document Analysis and Retrieval (SEDAR)” and Multilateral Instrument 13-102 “System Fees for SEDAR and NRD.” The proposed amendments would require certain exempt market filings, which are currently filed in paper format, to be filed in electronic format on SEDAR. These filings include the report of exempt distribution and the offering memorandum. The proposed amendments would also require issuers to pay a system fee of C$25 per filing of a report of exempt distribution. Comments should be submitted by August 31, 2015. (6/30/2015) CSA press release.
Canadian regulators streamline disclosure requirements for private foreign offerings. The CSA announced the final implementation of amendments to National Instrument 33-105 “Underwriting Conflicts.” Related CSA Multilateral Instrument 45-107 “Listing Representation and Right of Action Disclosure Exemptions,” Ontario amendments to OSC Rule 45-501 “Ontario Prospectus and Registration Exemptions” and an Ontario-specific amendment to Form 45-106F1 “Report of Exempt Distribution” were also published in their final form. These amendments provide limited exemptions from certain disclosure requirements for offerings of foreign securities made in Canada on a private placement basis to permitted clients. (6/25/2015) CSA press release.