As originally noted in our June, 2015 bulletin, the Canadian Securities Administrators (CSA) have reduced the disclosure requirements typically required in a Canadian “wrapper” to a foreign offering document that is used for private placements made to permitted clients. Non-Canadian issuers unaware of these amendments may be wrapping their offering memorandums a little “too tightly” by including statutory rights of action and underwriter conflicts of interest language that could otherwise be thinned or waived entirely, as well as not making listing representations that they may now be able to make.