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Alberta and Saskatchewan securities regulators adopt new self-certified investor prospectus exemption

  • Securities - ASC Image

Mar 31, 2021

On March 31, 2021, the Alberta Securities Commission (ASC) and the Financial and Consumer Affairs Authority of Saskatchewan (FCAA) adopted a new prospectus exemption designed to provide greater access to capital for Alberta and Saskatchewan businesses and broaden investment opportunities for Alberta and Saskatchewan investors.

The new prospectus exemption outlines that investors who certify to having certain financial and investment knowledge, and acknowledge that they understand certain investment considerations and risks, are permitted to invest alongside accredited investors. To mitigate the risks of investing, self-certified investors are limited, in a calendar year, to investments of $10,000 in any one issuer and $30,000 across multiple businesses. The investment limits won't apply to an investment in an issuer listed on a Canadian stock exchange that is complying with its ongoing reporting obligations, provided that the investor has received suitability advice with respect to the investment. The exemption is being implemented on a three-year pilot basis.

Review the press release and details of the new exemption Multilateral CSA Notice of Implementation Alberta and Saskatchewan Orders 45-538 Self-Certified Investor Prospectus Exemption on the ASC’s website.

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