April 11, 2016 Securities

On April 7, 2016, the Autorité des marchés financiers (the "AMF" or the "Authority") published the Regulation to amend Regulation 45-106 respecting Prospectus Exemptions. In connection with the publication, the AMF also published, for comment, a draft Regulation intended to revoke section 37.2 of the Securities Regulation (pdf - 24 KB)This link will open in a new windowUpdated on April 7, 2016Report on Exempt Distribution.

Section 37.2 of the Securities Regulation stipulates that "When a distribution is made pursuant to an exemption, any disclosure document delivered to subscribers, even if such document is not required by the Act or the Regulations, must be filed without delay with the Authority, unless it has previously been filed." The AMF believes that the requirements under this section are no longer relevant since the amendments made to Regulation 45-106 and those proposed for Regulation 45-108 respecting Crowdfunding will enable it now to access all the information needed for more effective regulatory oversight of the exempt market. The revocation of section 37.2 will also reduce issuers' compliance burden.

Comments regarding the above may be sent to the AMF by May 7, 2016.