Notice

Local 11-502 Removal of Statutory Exemptions comes into force on September 19, 2005 

The Securities Commission (Local Instruments) Amendment Regulations, 2005 came into force on September 19, 2005, the day that they were filed with the Registrar of Regulations.  These regulations: 

• adopt LI 11-502 Removal of Statutory Exemptions.  LI 11-502 removes the exemptions in sections 38, 39, 39.1, 81 and 82 of The Securities Act, 1988 and in section 60(2), 63, 98(2), 99 and 101 of The Securities Regulations from the registration and prospectus requirements of the Act.  These exemptions Are replaced by NI 45-106; and
   
• amend LI 33-502 Requirements for Sale of Certain Securities.  The amendments to NI 33-502 contain a new definition of “exempt security” to replace reference to exemptions in the Act with equivalent exemptions in NI 45-106.  LI 33-502 places restrictions on the use by registrants of certain exemptions contained in The Securities Act, 1988. 

 September 26, 2005

Contact:

Barbara Shourounis
Director, Securities Division
(306) 787-5842

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