The Canadian Securities Administrators (CSA) have published final amendments and changes to several national instruments and companion policies, implementing an access model for prospectuses of non-investment fund reporting issuers (the Access Model).
The goal of the Access Model is to modernize the way prospectuses are made available to investors by providing public electronic access to a prospectus and alerting investors that the document is accessible through SEDAR+ will either satisfy the conditions of an exemption from the requirements under securities legislation to send a prospectus (in British Columbia, Québec and New Brunswick), or constitute delivery for the prospectus, generally, under securities legislation (in the other CSA members jurisdictions).
The Access Model is not mandatory for issuers. Under this model, prospective purchasers or purchasers will continue to be able to request a copy of a preliminary prospectus or final prospectus in electronic or paper form.
Provided all necessary approvals are obtained, the amendments and changes for the implementation of the Access Model will come into force on April 16, 2024.
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.