The Alberta Securities Commission has repealed and replaced ASC Rule 71-801 Implementing the Multijurisdictional Disclosure System effective December 15, 2017 following a proposal published earlier this year (and discussed here).
- New rule only impacts offerings by Alberta-based issuers to non-Canadian investors under the multijurisdictional system (MJDS).
- No changes to the northbound MJDS or to National Instrument 71-101 The Multijurisdictional Disclosure System are being made.
- Outdated references in the existing rule are updated and Alberta securities laws are better aligned with southbound MJDS.
- New rule generally follows September proposal except that the proposed foreign underwriter certificate exemption will be available to a foreign underwriter even where there is a concurrent offering in Canada by a Canadian underwriter.