Securities

Toronto - The Canadian Securities Administrators (CSA) today published CSA Staff Notice 31-346 - Guidance as to the Scope of the International Dealer Exemption in relation to Foreign-Currency Fixed Income Offerings by Canadian Issuers.

The notice addresses concerns raised by Canadian institutional investors over reduced access to international dealers that trade foreign-currency-denominated fixed income securities issued by Canadian issuers.

Additionally, the notice provides guidance to clarify the scope of the international dealer exemption in National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations and confirms the willingness of CSA Staff to recommend exemptive relief, if required, to facilitate greater access to global fixed income markets by Canadian issuers and Canadian institutional investors.

"CSA Staff recognize that these are areas of concern for market participants, and have issued this notice to highlight our ongoing consideration of these issues," said Louis Morisset, Chair of the CSA and President and CEO of the Autorité des marchés financiers.

Staff continue to work to consider market participants' concerns regarding the new harmonized report of exempt distribution (Form 45-106F1), which came into force on June 30, 2016.

CSA Staff Notice 31-346 can be found on CSA members' 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.

- 30 -

For more information:

CSA member name

Point of contact

Phone number

Autorité des marchés financiers

Sylvain Théberge

514-940-2176

Alberta Securities Commission

Nicole Tuncay

403-297-4008

British Columbia Securities Commission

Alison Walker

604-899-6713

Financial and Consumer Affairs, Saskatchewan

Shannon McMillan

306-798-4160

Financial and Consumer Services Commission, New Brunswick

Andrew Nicholson

506-658-3021

Manitoba Securities Commission

Jason (Jay) Booth

204-945-1660

Nova Scotia Securities Commission

Tanya Wiltshire

902-424-8586

Nunavut Securities Office

Jeff Mason

867-975-6591

Office of the Superintendent of Securities, Newfoundland and Labrador

John O'Brien

709-729-4909

Office of the Superintendent of Securities, Northwest Territories

Tom Hall

867-767-9305

Office of the Superintendent of Securities, P.E.I.

Janice Callbeck

902-368-6288

Office of the Yukon Superintendent of Securities

Rhonda Horte

867-667-5466

Ontario Securities Commission

Kristen Rose

416-593-2336