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CSA Adopts Income Trust Policy


Area REITs and Income Securities


In our Client Update dated October 30, 2003, we outlined the key elements of then proposed National Policy 41-201 - Income Trusts and Other Indirect Offerings (the “Draft Policy”).  The Policy has now been adopted in final form (the “Final Policy”) by the Canadian Securities Administrators (CSA), with effect as of December 3, 2004. 

The Final Policy is the first regulatory instrument that focuses directly on the income trust structure providing guidance and clarification to market participants by expressing the regulators’ views on how the existing securities regulatory framework should apply to income trusts and other indirect offerings. 

The CSA received numerous comments from industry participants on the Draft Policy during the comment period and the Final Policy reflects several significant amendments.

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