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CSA Staff Notice: 45-304 - Notice of Local Exemptions Related to NI 45-106 Prospectus and Registration Exemptions and NI 31-103 Registration Requirements and Exemptions
CSA Staff Notice: 45-304 - Notice of Local Exemptions Related to NI 45-106 Prospectus and Registration Exemptions and NI 31-103 Registration Requirements and Exemptions
CSA STAFF NOTICE 45-304
NOTICE OF LOCAL EXEMPTIONS RELATED TO
NATIONAL INSTRUMENT 45-106 PROSPECTUS AND REGISTRATION EXEMPTIONS
AND
NATIONAL INSTRUMENT 31-103 REGISTRATION REQUIREMENTS AND EXEMPTIONS
Effective September 28, 2009, members of the Canadian Securities Administrators (CSA or we) implemented an amended and restated National Instrument 45-106 Prospectus and Registration Exemptions (NI 45-106) together with various consequential amendments to certain national and local instruments, rules and regulations. Also effective September 28, 2009, the CSA implemented National Instrument 31-103 Registration Requirements and Exemptions (NI 31-103). The registration exemptions contained in NI 45-106 will remain in effect for a transition period until March 27, 2010.
Although NI 45-106 and NI 31-103 consolidate and harmonize most of the prospectus and registration exemptions available under Canadian securities laws, there remain a limited number of local exemptions in each jurisdiction.
This notice lists the prospectus and registration exemptions in each jurisdiction that are not included in NI 45-106 or NI 31-103. These exemptions are listed by jurisdiction and apply only in that jurisdiction. Please refer to the Appendix attached to this notice. Although we have attempted to consolidate a list of all remaining exemptions by local jurisdiction, we encourage persons relying on a local exemption to consult the securities legislation of the jurisdiction. If a jurisdiction is not listed in the Appendix, please consult the securities legislation of that jurisdiction for any local exemptions.
The list of exemptions in the Appendix is up-to-date as of November 27, 2009. Although the CSA will update the list of local exemptions periodically, issuers and their counsel should check the current status of any local exemption.
Questions
Questions about any of the local exemptions listed in the Appendix may be referred to the contact(s) for that local jurisdiction listed below:
British Columbia
|
George Hungerford
|
Gordon Smith
|
Senior Legal Counsel, Corporate Finance
|
Senior Legal Counsel, Corporate Finance
|
British Columbia Securities Commission
|
British Columbia Securities Commission
|
(604) 899-6690
|
(604) 899-6656
|
|
|
Alberta
|
Tracy Clark
|
Taryn Montgomery
|
Legal Counsel
|
Legal Counsel
|
Alberta Securities Commission
|
Alberta Securities Commission
|
(403) 355-4424
|
(403) 297-4968
|
|
|
Saskatchewan
Manitoba
Ontario
|
Jason Koskela
|
Jo-Anne Matear
|
Legal Counsel, Corporate Finance
|
Assistant Manager, Corporate Finance Branch
|
Ontario Securities Commission
|
Ontario Securities Commission
|
(416) 595-8922
|
(416) 593-2323
|
|
Quebec
|
Rosetta Gagliardi (for NI 45-102)
|
Sylvie Lalonde (for NI 45-106)
|
Senior Policy Advisor
|
Manager, Policy Department
|
Autorité des marchés financiers
|
Autorité des marchés financiers
|
(514) 395-0337 ext. 4462
|
(514) 395-0337, ext. 4461
|
|
|
Nova Scotia
New Brunswick
Prince Edward Island
Newfoundland & Labrador
Yukon
Northwest Territories
Nunavut
November 27, 2009
Appendix
Local Exemptions -- Alberta
Alberta Securities Commission Rules
Section 127.03 (Prospectus exemption for cooperatives and corporations under the Rural Utilities Act)
Section 127.04 (Transitional: exemption of trades)
ASC Rule 45-502 Trade with RESP
ASC Rule 72-501 Distributions to Purchasers Outside Alberta
ASC Rule 91-504 Strip Bonds
Blanket Orders
ASC Blanket Order 87/03/26 Certain Interests in Government Securities
ASC Blanket Order 90/02/22 Trades of Government Warrants
ASC Blanket Order 2005/10/21 Registration and Prospectus Exemption for Certain Capital Accumulation Plans
ASC Blanket Order 91-503 Over-the-Counter Derivatives Transactions and Commodity Contracts
Local Exemptions -- British Columbia
Commission Rules
BC Instrument 45-501 Mortgages
Blanket Orders
BC Instrument 32-503 Registration Exemption for Approved Persons of the Mutual Funds Dealers Association of Canada
BC Instrument 33-517 Registration and Prospectus Exemption for Persons Registered under the Mortgage Brokers Act
BC Instrument 45-504 Trades to trust companies, insurers, and portfolio managers outside British Columbia
BC Instrument 45-512 Real Estate Securities
BC Instrument 45-514 The Employee Investment Act
BC Instrument 45-524 Registration and Prospectus Exemption for Certain Capital Accumulation Plans
BC Instrument 45-528 Trades under a realization on collateral given for a debt
BC Instrument 45-529 Bonus or finders fee
BC Instrument 45-530 Exemptions for securities issued by a cooperative association
BC Instrument 45-531 Exemptions for shares or deposits of a credit union
BC Instrument 72-502 Trades in Securities of U.S. Registered Issuers
BC Instrument 72-503 Distribution of Securities outside British Columbia
BC Instrument 72-504 Distribution of Eurobonds
BC Instrument 81-504 Transactions Between Mutual Funds and Responsible Persons Relating to Certain Debt Securities, Mortgages and Equity Securities
BC Instrument 91-501 Over-The-Counter Derivatives
BC Instrument 91-502 Short Term Foreign Exchange Transactions
BC Instrument 91-503 Contracts Providing for Physical Delivery of Commodities
BC Instrument 91-504 Government Strip Bonds
BC Instrument 91-505 Prospectus exemption for put and call options
Local Exemptions -- Manitoba
The Securities Act (Manitoba)
Section 19(1)(c) and 58(1)(a) -- Exempt Purchasers
Sections 19(2)(g) and 58(3)(a) -- Securities to which The Cooperatives Act apply
Sections 19(2)(h) and 58(3)(a) -- Securities to which The Credit Unions and Caisses Populaires Act apply
Securities Regulation (Manitoba)
Sections 91(a) and (b) of The Securities Regulation M.R. 491/88R
Blanket Rulings (Manitoba)
Local Policy 3.17 -- Strip Bonds
Local Exemptions -- New Brunswick
Rules
Local Rule 45-501 Prospectus and Registration Exemptions
Local Rule 45-802 Implementing National Instrument 45-106 Prospectus and Registration Exemptions
Local Rule 81-502 Registration and Prospectus Exemption for Certain Capital Accumulation Plans
Local Rule 91-501 Derivatives
Local Exemptions -- Newfoundland and Labrador
Securities Act (Newfoundland and Labrador)
Section 35 (Exemption of advisers)
Section 36 (Exemption of trades)
Local Exemptions -- Northwest Territories
Securities Act (Northwest Territories)
Section 2 (Various exemptions from registration requirement)
Blanket Orders
Blanket Order No. 1 -- Section 2 (Secondary Market Trading)
Blanket Order No. 1 -- Subsection 3(a) (Bona Fide Debts of Non-control Persons)
Blanket Order No. 1 -- Section 3(b) (Securities of a Cooperative)
Blanket Order No. 1 -- Section 3(c) (Distributions commenced in reliance on Blanket Order exemptions in effect prior to September 14, 2005)
Blanket Order No. 2 -- Subsection 2(a) (Bona Fide Debts of Non-control Persons)
Blanket Order No. 2 -- Section 2(b) (Securities of a Cooperative)
Blanket Order No. 2 -- Section 2(c) (Trades commenced in reliance on Blanket Order exemptions in effect prior to September 14, 2005)
Local Exemptions -- Nova Scotia
Securities Act (Nova Scotia)
Section 41(1) (ama) and (amb) (Registration exemption for securities of a cooperative)
Section 41(2)(i) (Registration exemption for shares of a credit union within the meaning of the Credit Union Act)
Section 77(1)(ah) (Prospectus exemption for securities of a cooperative)
Section 78(1)(a) as it relates to section 41(2)(i) (Prospectus exemption for shares of a credit union within the meaning of the Credit Union Act)
Rules
NSSC Rule 35-101 Conditional Exemption from Registration for United States Broker-Dealers and Agents
Regulations
Section 3 of the Community Economic -- Development Corporations Regulations -- N.S. Reg. 79/98 (Registration and prospectus exemptions for shares of a community economic-development corporation)
Blanket Orders
Blanket Order No. 3 Zero Coupon Strip Bonds
Blanket Order No. 15 Trading in Recognized Options Cleared Through Recognized Clearing Organizations
Blanket Order No. 16 Trading in Commodity Futures Contracts and Commodity Futures Options
Blanket Order No. 24 Certain Certificates for Government Securities
Blanket Order No. 47 Distribution of Mutual Funds Established for Employees of a Company and Its Affiliates
Blanket Order No. 45-507 A Registration and Prospectus Exemption for Certain Capital Accumulation Plans
Blanket Order No. 45-509 Trades in Warrants to Acquire Certain Debt Securities
Blanket Order No. 45-510 First and Subsequent Trades in Shares of a Community Economic-Development Corporation
Local Exemptions -- Nunavut
Securities Act (Nunavut)
Section 2 (Various exemptions from registration requirement)
Blanket Orders
Blanket Order No. 1 -- Section 2 (Secondary Market Trading)
Blanket Order No. 1 -- Subsection 3(a) (Bona Fide Debts of Non-control Persons)
Blanket Order No. 1 -- Section 3(b) (Securities of a Cooperative)
Blanket Order No. 1 -- Section 3(c) (Distributions commenced in reliance on Blanket Order exemptions in effect prior to September 14, 2005)
Blanket Order No. 3 -- Subsection 2(a) (Bona Fide Debts of Non-control Persons)
Blanket Order No. 3 -- Section 2(b) (Securities of a Cooperative)
Blanket Order No. 3 -- Section 2(c) (Trades commenced in reliance on Blanket Order exemptions in effect prior to September 14, 2005)
Local Exemptions -- Ontario
Securities Act (Ontario)
Section 34 (Exemption from registration requirements, advisers)
Section 35 (Exemption from registration requirements, dealers)
Section 35.1 (Exemption from registration requirement, financial institutions)
Section 73 (Exemption)
Regulations
Ontario Regulation 85/05 Exemptions respecting the Ontario Financing Authority
Rules
Ontario Securities Commission Rule 32-501 Direct Purchase Plans
Ontario Securities Commission Rule 35-101 Conditional Exemption from Registration for United States Broker-Dealers and Agents
Ontario Securities Commission Rule 35-502 Non Resident Advisers
Ontario Securities Commission Rule 35-503 Trades by Certain Members of The Toronto Stock Exchange
Ontario Securities Commission Rule 45-501 Ontario Prospectus and Registration Exemptions
Ontario Securities Commission Rule 91-501 Strip Bonds
Ontario Securities Commission Rule 91-502 Trades in Recognized Options -- Rule Under the Securities Act
Ontario Securities Commission Rule 91-503 Trades in Commodity Futures Contracts and Commodity Futures Options Entered into on Commodity Futures Exchanges Situate Outside of Ontario -- Rule Under the Securities Act
Local Exemptions -- Prince Edward Island
Rules
Local Rule 45-501 -- Exempt Distributions -- Co-operative Associations
Local Rule 45-502 -- Exempt Distributions -- Credit Unions
Local Rule 45-507 -- Exempt Distributions -- Self-Directed Registered Education Savings Plans
Local Exemptions -- Québec
Securities Act (Québec)
Section 3 (exemptions)
Section 41 (prospectus exemptions)
Securities Regulation (Québec)
Section 192 (registration exemptions)
Regulation to amend the Securities Regulation (which came into force on September 28, 2009)
Section 5 (registration exemption -- transition period until December 28, 2009 for former s. 194.2 QSR)
Derivatives Act (Québec)
Section 7 (over-the-counter derivatives activities or transactions involving accredited counterparties only or in any other case specified by regulation).
Regulation to amend the Derivatives Regulation
Section 11.14 (registration exemption to the extent the person carries on business solely for an accredited counterparty and its activity involves a standardized derivative that is offered primarily outside Québec)
General exemption decisions
Decision 2000-C-0699: Registration exemption for dealers in respect of trading at a distance on NASDAQ
Decision 2009-PDG-0007 Registration exemption for dealer and adviser activities relative to derivatives with accredited investors
Local Exemptions -- Saskatchewan
General Rulings/Orders
General Ruling/Order 21-901 Market Facilitation Activities by Issuers in Their Own Securities
General Ruling/Order 45-902 Labour-Sponsored Venture Capital Corporations
General Ruling/Order 45-912 Co-operatives and Credit Unions
General Ruling/Order 45-913 Capital Accumulation Plans
General Ruling/Order 45-916 Solicitations of Expressions of Interest
General Ruling/Order 72-901 Trades to Purchasers Outside of Saskatchewan
General Ruling/Order 91-904 Government Warrants
General Ruling/Order 91-905 Certain Interests in Government Securities
General Ruling/Order 91-906 Strip Bonds
General Ruling/Order 91-907 Over-the-Counter Derivatives
Local Exemptions -- Yukon
The Securities Act, S.Y. 2007.c.16 (Yukon)
Section 16 -- If the Superintendent of Securities is satisfied that it would not be prejudicial to the public interest, the Superintendent may, by order exempt a person, security, trade, distribution or transaction from all or any provisions of Yukon securities laws.
Yukon Local Rules
Local Rule 11-802 -- Adopting all CSA Instruments, Forms & Polices as amended and in force on September 28, 2009
Local Rule 12-501 -- Exemption for discretionary exemptions applied before March 17, 2008, effective from March 17, 2008
Local Rule 15-501 -- Exemption of certain contracts issued by Insurance Companies effective from March 17, 2008
Webpage: http://www.community.gov.yk.ca/corp/ysorules.html