Tag Archives: Canadian Securities Administrators

CSA Targets Brokers to Raise Conduct Standards

On April 28, 2016, the Canadian Securities Administrators (“CSA”) published CSA Consultation Paper 33-404 (“CP 33-404”) which proposes for discussion regulatory action to hold securities advisors, dealers and representatives (“Advisors”) to a higher standard in dealings with their clients.

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Exempt Distribution Reports to Require More Information

By Bernard Pinsky

Effective June 30, 2016, form 45-106F1 “Report of Exempt Distribution”, required for most securities issuances other than prospectus offerings, will require issuers to disclose more information about the offering and the issuer. This was first reported in Clark Wilson’s Securities Law Update in August 2015.

The Canadian Securities Administrators have added more disclosure to their standard form, bringing it effectively to what has been required in British Columbia alone for the past several years. Once implemented, BC will no longer require an additional form to be filed.

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