The Canadian Securities Administrators published on June 4, 2020 final amendments that streamline at-the-market (ATM) distributions in Canada, and reduce regulatory burden for issuers, exchanges and investment dealers. ATM distributions will now be available to issuers without having to incur the time and cost of applying for exemptive relief to conduct such distributions.
Provided all necessary Ministerial approvals are obtained, the amendments will become effective on August 31, 2020.
Stakeholders identified ATM distributions as a recommended area of focus in the CSA’s consultation on reducing regulatory burden for non-investment fund issuers. In response, the CSA initiated a policy project relating to ATM distributions, leading to the publication of proposals for comment on May 9, 2019.
The Ontario Securities Commission’s (OSC) Notice of Amendments to National Instrument 44-102 Shelf Distributions and its related companion policyis available on its’ websites.
For more information, please call Barbara Hendrickson at BAX Securities Law (647) 403-4606.
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