CANADA: Updated Guidance on scope of International Dealer Exemption Published

Friday September 2 2016

Updated Guidance (CSA staff Notice 31-346) on the scope of the International Dealer Exemption has been published by the Canadian Securities Administrators (CSA).

The notice addresses concerns raised by Canadian institutional investors over reduced access to international dealers that trade foreign-currency-denominated fixed income securities issued by Canadian issuers.

Additionally, the notice provides guidance clarifying the scope of the international dealer exemption in National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations and confirms the willingness of CSA Staff to recommend exemptive relief, if required, to facilitate greater access to global fixed income markets by Canadian issuers and Canadian institutional investors.

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