CANADA: ASC Publishes Consultation on the Proposed Prospectus Exemptions for Foreign Issuers

Wednesday April 18 2018

On 17^th April 2018, the  Alberta Securities Commission (ASC) published a  Consultation which considers the proposed repeal and replacement of ASC Rule 72-501 Distributions to Purchasers Outside Alberta.

The proposed rule significantly expands upon the exemptions available when an Alberta issuer distributes securities to investors outside of Canada. It also provides a prospectus exemption for distributions made under the offering memorandum exemption within Canada.

The new prospectus exemptions will allow a distribution of securities to be made to a person or company outside Canada where the issuer or selling security holder has materially complied with applicable foreign securities laws and where the issuer of those securities has filed  final prospectus in accordance with Alberta securities laws

The deadline for submissions on the consultation is 18^th June, 2018.

For additional information please click the link above.