Reminder: New Report of Exempt Distribution Now in Effect

The Canadian Securities Administrators (CSA) recently published final amendments to National Instrument 45-106 - Prospectus Exemptions (NI 45-106) to simplify the report of exempt distribution set out on Form 45-106F1 Report of Exemption Distribution (New Report) which must be filed following a distribution of securities in reliance on certain prospectus exemptions under NI 45-106.

Filers are reminded that they must now start using the New Report for any filings submitted to the British Columbia Securities Commission or any other Canadian jurisdiction.

Staff of the CSA have also recently prepared a revised Staff Notice (Notice) to assist issuers, underwriters and their advisors in preparing and filing reports of exempt distribution. The Notice can be viewed here and replaces a prior version of the notice issued on July 19, 2018. The Notice includes the following documents:

  • Annex 1 – Tips for Completing and Filing the Report

  • Annex 2 – Checklist of Certain Information Requirements in the Report

  • Annex 3 – Frequently Asked Questions

  • Annex 4 – Transition to the 2016 Report

  • Annex 5 – Contact Information of Public Officials regarding Indirect Collection of Personal Information

Here is a link to our prior blog post on the New Report.

And here is a link to the form of New Report. 

DISCLAIMER: This post is intended to convey general information about legal issues and developments as of the date above. It does not constitute legal advice and must not be treated or relied on as such.