Canadian securities regulators adopt harmonized pre-file review of prospectuses
CSA
Vancouver – Issuers across Canada will now be able to submit their prospectuses for confidential review by securities regulators before publicly filing them.
The new program, explained in Canadian Securities Administrators (CSA) Staff Notice 43-310 Confidential Pre-File Review of Prospectuses (for non-investment fund issuers), expands the availability of confidential pre-file reviews that some CSA jurisdictions are already conducting. Pre-file review allows for the earlier identification of material issues that might delay receipting the prospectus and closing the offering.
“Allowing confidential pre-file reviews of prospectuses provides issuers with greater flexibility and more certainty in planning their securities offerings,” said Louis Morisset, CSA Chair and President and CEO of the Autorité des marchés financiers. “This harmonized approach aims to foster capital-raising across Canada.”
The pre-filed prospectus should be of the same form and quality expected in a publicly-filed prospectus and contain the disclosure (including financial statements) required under securities law. The pre-filed prospectus should also include an estimate of price of the securities and other information derived from that price. The reviews will generally be conducted by the issuer’s principal regulator.
The new program will supersede existing pre-file review policies in the jurisdictions that offer them.
CSA Staff Notice 43-310 Confidential Pre-File Review of Prospectuses (for non-investment fund issuers) is available on participating jurisdictions’ websites.
The CSA, the council of the securities regulators of Canada’s provinces and territories, co- ordinates and harmonizes regulation for the Canadian capital markets.
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For investor inquiries, please refer to your respective securities regulator. You can contact them here 
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For media inquiries, please refer to the list of provincial and territorial representatives below or contact us at [email protected]:
For more information:
CSA member name | Point of contact | Phone number |
|---|---|---|
Autorité des marchés financiers | Sylvain Théberge | |
Alberta Securities Commission | Hilary McMeekin | |
British Columbia Securities Commission | Brian Kladko | |
Financial and Consumer Affairs, Authority of Saskatchewan | Shannon McMillan | |
Financial and Consumer Services Commission, New Brunswick | Sara Wilson | |
Government of Prince Edward Island, Superintendent of Securities | Steve Dowling | |
Manitoba Securities Commission | Jason (Jay) Booth | |
Nova Scotia Securities Commission | David Harrison | |
Nunavut Securities Office | Jeff Mason | |
Office of the Superintendent of Securities, Newfoundland and Labrador | Renée Dyer | |
Office of the Superintendent of Securities, Northwest Territories | Tom Hall | |
Office of the Yukon, Superintendent of Securities | Rhonda Horte | |
Ontario Securities Commission | Kristen Rose |
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