In response to recent events, the Canadian Securities Administrators (CSA) is introducing measures to support market participants that choose to go public, maintain a listing, and contribute to capital formation in Canada through a series of Coordinated Blanket Orders (the Blanket Orders).

  • A multi-faceted prospectus and disclosure blanket order will reduce regulatory burden and provide greater flexibility for companies that are currently reporting, or that choose to pursue an initial public offering (IPO) in Canada. In response to stakeholder feedback, the blanket order expands to all companies, the existing exemption from the requirement to provide audited financial statements for the third most recently completed financial year in connection with IPOs and other transactions;
  • A second blanket order provides a prospectus exemption for companies that will be going or have recently gone public in Canada through an underwritten IPO, giving them greater flexibility to raise additional capital following the IPO provided certain conditions are met; and,
  • A third blanket order that applies to the following jurisdictions Alberta, New Brunswick, Nova Scotia, Ontario, Québec and Saskatchewan. Under this blanket order, the investment limit in the offering memorandum exemption will increase for certain eligible investors to allow for reinvestment of proceeds within a 12-month period, subject to certain terms and conditions. There is no such limit in the other CSA jurisdictions.

The Coordinated Blanket Orders became effective April 17, 2025.

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.

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