Canadian securities regulators propose introduction of expedited shelf prospectus regime for well-known seasoned issuers
Sep 21, 2023
On September 21, 2023, the Canadian Securities Administrators (the CSA) announced proposed amendments to National Instrument 44-102 Shelf Distributions and other securities law instruments (the Proposed Amendments) which, if adopted, would implement a permanent expedited shelf prospectus regime for “well-known seasoned issuers” (WKSIs).
The Proposed Amendments build upon a WKSI pilot program (the Pilot Program) launched on January 4, 2022, that is designed to reduce the regulatory burden for well-known issuers with established public reporting records in the Canadian capital markets. The Pilot Program has enjoyed widespread adoption by eligible issuers since its introduction, and the Proposed Amendments, if adopted, will help promote transaction certainty and even more closely align the Canadian WKSI regime with that of the United States.
Review the notice and request for comments on CSA's website.