CSA OCS Notice 44-306 on temporary exemptions for qualified issuers from base shelf prospectus requirements for qualifying Well-known seasoned issuers (WKSIs).
CSA chair Louis Morisset said the exemptions will make it more efficient for certain WKSIs to raise capital in capital markets without compromising investor protections.
Exemptions
Exemptions allow issuer that meets WKSI qualifications, certain conditions, to file final base shelf prospectus with its principal regulator, obtain a receipt for that prospectus.
On an accelerated basis without first filing a preliminary base shelf prospectus.
This pilot project help CSA evaluate appropriateness of eligibility criteria, conditions in identifying public interest concerns be addressed in any future CSA rule amendments
To implement a Canadian WKSI regime, to be adopted through rulemaking process.
On Apr. 27, 2023, CSA OSC proposed CSA OSC Rule 44-502, to extend CSA OSC 44-501, certain prospectus requirements for Well-known seasoned issuers by 18 months.
Subject to Ministerial approval, effective on Jul. 4, 2023, and expires on Jan. 4, 2025.
Relief extension becomes effective on Jul. 10, 2023, if the Minister takes no action.
May 2023 CSA OSC Exemption Extension Approval
On May 18, 2023, CSA OSC approved CSA OSC Rule 44-502 to extend CSA OSC 44-501, Certain Prospectus Requirements for Well-known Seasoned Issuers.
Subject to Ministerial approval, relief extension becomes effective on Jul. 4, 2023; the rule will cause relief extension to be in force for 18-month period until Jan. 4, 2025.
If the Minister takes no action, it will come into force on Jul. 10, 2023.
Temporary exemptions extended until Jan. 4, 2025; rule comes into force Jul. 4, 2023.
Jun. 22, 2023 CSA OSC Weekly Bulletin
On Jun. 22, 2023, CSA OSC published notice of ministerial approval of Rule 44-502.
In Sep. 2023, CSA proposed expedited issuer shelf prospectus regime, see #185670.
Sep. 2024 CSA OSC Commission Approval
On Sep. 19, 2024, CSA OSC published commission approval of CSA OSC 44-503, Exemption from certain prospectus requirements for well-known seasoned issuers.
Exemption from requirements for WKSI's to file final base shelf prospectus, obtain a receipt on accelerated basis without first filing a preliminary base shelf prospectus.
Made permanent exemption in Dec. 6, 2021 blanket order, Ontario Instrument 44-501.
Blanket Order, as extended by Rule 44-502, will cease to be effective on Jan. 4, 2025.
Nov. 2024 CSA OSC Ministerial Approval
On Nov. 28, 2024, CSA OSC reported ministerial approval of OSC Rule 44-503, exemption from prospectus requirements, on Nov. 19, 2024, effective Jan. 4, 2025.
Nov. 28, 2024 CSA OSC Bulletin Publication
On Nov. 28, 2024, CSA OSC published approval of Rule 44-503 on exemptions.
