The Canadian Securities Administrators (CSA) has published proposed amendments to National Instrument 45-106 Prospectus Exemptions and changes to the Companion Policy 45-106P (the Proposed Amendments), for a 90-day comment period ending October 21, 2026.
The Proposed Amendments seek to codify increases to the amount of funds that qualified listed issuers can raise without a prospectus. They primarily focus on the 2025 blanket order (the Blanket Order) that increased the amount that can be raised under the Listed Issuer Financing Exemption (LIFE), from a maximum of $10 million to $25 million – or up to $50 million for larger companies – in a 12-month period, subject to conditions.
The Proposed Amendments also respond to feedback received from certain market participants by streamlining other conditions of the exemption.
Proposed Amendments to National Instrument 45-106 Prospectus Exemptions relating to the Listed Issuer Financing Exemption [CSA Notice and Request for Comment] is available for download from the websites of the participating jurisdictions.
For more information, please call Barbara Hendrickson at BAX Securities Law (647) 403-4606.
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