National
Instrument 41-101
comes into force on March 17, 2008
The Securities
Commission (Adoption of National Instruments) Amendment
Regulations, 2008 (No. 2)
that adopt
National Instrument 41-101 Prospectus Requirements come into force on
March 17, 2008.
NI 41-101
creates a comprehensive,
seamless and transparent set of national prospectus requirements
for all issuers including investment funds, other than mutual
funds filing a prospectus under NI 81-101.
Companion
Policy 41-101CP gives guidance on the operation of NI 41-101.
Related forms 41-101F1 and F2 also come into force.
Consequential Amendments
Related consequential amendments to certain national
instruments also come into force on March 17, 2008. See the
Notice published on December 21, 2007 for more details.
Amendments to The Securities Act, 1988
On March 17, 2008 the following sections of
The Securities Amendment Act, 2007 come into force:
-
section 25
- Adds new
subsection 60.1 "Conditions on receipt for preliminary
prospectus and prospectus"
-
section 26
-Repeals the
following sections:
62 "Amendment to preliminary prospectus on material change"
63 "Amendment to prospectus on material change"
64 "Receipt for amendment"
65 "Certificate of statement of rights"
66 "Certificate by issuer for distribution"
67 "Certificate of underwriter"
68 "Alternative certificates"
69 "Statement of rights"
-
section 27
- Repeals and
substitutes new section 70 "Receipt for prospectus"
-
section 28
- Repeals
section 71"Refiling of prospectus"
-
section 29
- Repeals
sections 74 "Distribution of preliminary prospectus" and 75
"Distribution list"
-
section 30
- Amends
section 76 "Defective preliminary prospectus"
-
section 31
- Amends
section 78 "Order to cease trading"
-
section 32
- Repeals 80
"Obligation to deliver amended prospectus". Note: section 79
is not repealed.
-
section 33
- Adds new
section 80.01 "Revocation of purchase"
Amendments to
The Securities Regulations
The
following provisions of
The
Securities Amendment Regulations, 2008
are
effective March 17, 2008:
-
section 3 -
Repeals the definitions of
"debt security", "finance company", and "industrial company" in
clauses 2(1)(b), (c), and (e) ,
-
section 7 -
Repeals Part VII -
Prospectuses Distribution , and
-
section 14 -
Repeals Forms 13, 14, 15,
16 and 18.1.
Local
Instruments
The following local instruments will be repealed:
Local Policies
On March 17, 2008
Local Policy Statement 43-601 Unconscionable
Consideration is amended to reflect the adoption NI 44-101 .
General Rulings/Orders
On March 17, 2008 the following General Rulings/Orders are
repealed:
This is because NI 41-101
contains the necessary exemptions to support NI 44-101, 44-102 and
44-103.
On March 17, 2008
GRO 41-901 Use of Prospectus Complying with OSC Rule
41-501 Prospectus Requirements is also repealed.
The following General
Rulings/Orders will be amended to reflect the adoption of NI
41-101 and the repeal of prospectus provisions from the Act and
the Regulations:
March
17, 2008
Contact:
Barbara
Shourounis
(306) 787-5842
