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Developments to Private Placement Rules Continue as Five Provinces Adopt New Prospectus Exemption

January-27-2016

Lawyer Matthew Prager
Area Corporate Finance and Securities

Summary

As development of private placement exemptions continues, securities regulators in British Columbia, Alberta, Saskatchewan, Manitoba and New Brunswick have adopted another exemption to the prospectus requirement (the “Investment Advice Exemption”).  Subject to certain conditions, a reporting issuer may rely on the Investment Advice Exemption where securities are distributed to non-accredited investors who have obtained investment advice from a registered investment dealer. The Investment Advice Exemption became effective on January 14, 2016.

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