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43-310, Confidential Pre-File Review of Prospectuses (for non-investment fund issuers)

Effective date:

March 5, 2020

Published by the CSA:

March 5, 2020

Overview 

On March 5, 2020, the Canadian Securities Administrators (CSA) announced that issuers across Canada will now be able to submit their prospectuses for confidential review by securities regulators before publicly filing them.

The new program, as explained in CSA Staff Notice 43-310, Confidential Pre-File Review of Prospectuses (for non-investment fund issuers), expands the availability of confidential pre-file reviews that some CSA jurisdictions are already conducting. Pre-file review allows for the earlier identification of material issues that might delay receipting the prospectus and closing the offering.

The pre-filed prospectus should be of the same form and quality expected in a publicly-filed prospectus and contain the disclosure (including financial statements) required under securities law. The pre-filed prospectus should also include an estimate of price of the securities and other information derived from that price. The reviews will generally be conducted by the issuer’s principal regulator. 

The new program supersedes existing pre-file review policies in the jurisdictions that offer them.

For further details refer to the press release on the CSA's website.

 

Recent developments

Date

Development

Comments

March 5, 2020

Canadian securities regulators adopt harmonized pre-file review of prospectuses

On March 5, 2020, the CSA announced that issuers across Canada will now be able to submit their prospectuses for confidential review by securities regulators before publicly filing them.

Note: The above summary of Recent Developments does not include consequential amendments made as the result of other projects.

For further details on the history of this Instrument, please refer to the OSC’s website.

Amendments under consideration

  • None
Amendments under consideration

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