Securities regulators in Ontario, Alberta, British Columbia, Québec, New Brunswick, Nova Scotia and Saskatchewan (the Participating Jurisdictions), have published a CSA Multilateral Staff Notice 31-367 Notice and Consultation Regarding CSA Coordinated Blanket Order 31-930 Exemption to Allow Exempt Market Dealer Participation in Selling Groups in Offerings of Securities Under a Prospectus (the Staff Notice).
The Staff Notice, which is being published for a 60-day comment period ending January 26, 2026, advises that the time-limited exemption announced in CSA Notice Regarding Coordinated Blanket Order 31-930 Exemption to Allow Exempt Market Dealer Participation in Selling Groups in Offerings of Securities Under a Prospectus which expires on December 20, 2025, will not be extended.
The exemption, introduced in late June 2024, enabled exempt market dealers to assist start-ups and small- to medium-sized businesses raise capital as they grow and mature by participating in selling groups in prospectus offerings, but it only saw limited use.
In the Staff Notice, the securities regulators are also seeking feedback on the exemption. Feedback will be used to guide future policymaking, including whether future revised exemptions should be published.
CSA Multilateral Staff Notice 31-367 – Notice and Consultation Regarding CSA Coordinated Blanket Order 31-930 Exemption to Allow Exempt Market Dealer Participation in Selling Groups in Offerings of Securities Under a Prospectus 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.
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.