On August 13, 2015, the CSA proposed amendments to National Instrument 45-106 Prospectus Exemptions (NI 45-106) that would create a new single harmonized report of exempt distribution (the Proposed Report) for issuers and underwriters across Canada.
The Proposed Report streamlines the process for reporting exempt distributions, which will be a welcome change for issuers and underwriters. However, the information required under the Proposed Report may lead to a greater compliance burden and may therefore be less well received by some issuers and underwriters. For more on the Proposed Report, please see our August bulletin.
The comment period on the proposed amendments closed on October 13, 2015. Submitted comment letters are available on the OSC website.