On March 31, 2021, the Alberta Securities Commission (ASC) and the Financial and Consumer Affairs Authority of Saskatchewan (FCAA) adopted a new prospectus exemption CSA Multilateral Notice of Implementation 45-538 Self-Certified Investor Prospectus
Under the new prospectus, exemption investors who certify to having certain financial and investment knowledge, and acknowledge that they understand certain investment considerations and risks, are permitted to invest alongside accredited investors.
Self-certified investors are limited, in a calendar year, to investments of $10,000 in any one issuer and $30,000 across multiple businesses.
The investment limits will not apply to an investment in an issuer listed on a Canadian stock exchange that is complying with its ongoing reporting obligations, provided that the investor has received suitability advice with respect to the investment.
The exemption is being implemented on a three-year pilot basis.
For a copy of the New Rule: https://www.albertasecurities.com/-/media/ASC-Documents-part-1/Regulatory-Instruments/2021/03/5954938-v1-Multilateral_CSA_Notice_Prospecus_Exemption_re_Bkt_Order_45-538.ashx
For more information, please call Barbara Hendrickson at BAX Securities Law (647) 403-4606.
This publication is not intended to constitute legal advice. No one should act on it or refrain from acting on it without consulting with a lawyer. BAX does not warrant or guarantee the accuracy or currency or completeness of the publication. No part of this publication may be reproduced without the prior written permission of BAX Securities Law.
