Canadian securities regulators seek comment on proposed amendments to prospectus rules


Calgary- Members of the Canadian Securities Administrators (CSA) have published for comment proposed amendments to National Instrument (NI) 41-101 General Prospectus Requirements, NI 44-101 Short Form Prospectus Distributions, NI 44-102 Shelf Distributions, NI 81-101 Mutual Fund Prospectus Disclosure, and related policies and consequential amendments.

The primary purpose of the proposed amendments is to amend the prospectus rules and their related companion policies to address user experience and the CSA's experience with the prospectus rules since the implementation of the general prospectus rule, NI 41-101, on March 17, 2008.

The proposed amendments are intended to:

  • clarify certain provisions of the prospectus rules;
  • address significant identified gaps in the prospectus rules;
  • modify certain requirements in the prospectus rules to enhance their effectiveness;
  • remove or streamline certain requirements in the prospectus rules that are burdensome for issuers and of limited utility for investors or securityholders; and
  • codify prospectus relief that has been granted in the past.

The CSA is seeking written comments from investors and industry on the proposed amendments. To comment, please refer to the CSA Notice and Request for Comment announcing the proposed amendments to NI 41-101, NI 44-101, NI 44-102 and NI 81-101, which is available on CSA member websites. The comment period is open until October 14, 2011.

The CSA, the council of the securities regulators of Canada's provinces and territories, coordinates and harmonizes regulation for the Canadian capital markets.


For more information:

CSA member name

Point of contact

Phone number

Autorité des marchés financiers

Sylvain Théberge


Alberta Securities Commission

Mark Dickey


British Columbia Securities Commission

Richard Gilhooney


Financial Services Regulation Div. Newfoundland and Labrador

Doug Connolly


Manitoba Securities Commission

Ainsley Cunningham


New Brunswick Securities Commission

Wendy Connors-Beckett


Northwest Territories Securities Office

Donn MacDougall


Nova Scotia Securities Commission

Natalie MacLellan


Nunavut Securities Office

Louis Arki


Ontario Securities Commission

Carolyn Shaw-Rimmington


PEI Securities Office, Office of the Attorney General

Janice Callbeck


Saskatchewan Financial Services Commission

Jennifer Anderson


Yukon Securities Registry

Ken Kilpatrick