On August 15, the securities commissions of British Columbia, Manitoba, Nunavut, the Northwest Territories, and Yukon announced that they will be revoking their registration exemption orders, commonly known collectively as the “Northwest Exemption”, effective April 30, 2019. The Northwest 00223379-1 9 Exemption deals with registration exemptions for trades in connection with prospectus-exempt distributions in each of the relevant jurisdictions.

At the same time, the Alberta Securities Commission (ASC) announced that it will consult on whether to revoke its related order, and the Saskatchewan Securities Commission (SSC) said it is considering whether to revoke its related exemption, too. In addition, the British Columbia Securities Commission (BCSC) said that it will not renew BC Instrument 32-517 dealing with dealer registration relief for mortgage investment entities and that it will expire effective February 15, 2019.

Transition periods will be apply for those jurisdictions where the Northwest Exemption is revoked. Parties currently relying on the Northwest Exemption may continue to rely on the exemption if they file Form 33- 109F6 - Firm Registration and the filer is in compliance with the terms of the exemption. Commission staff will consider appropriate interim relief for individuals that have difficulty meeting the registration proficiency requirements by the expiry dates.