Final Rule: OSC Rule - 44-801 - Implementing National Instrument 44-101 - Short Form Prospectus Distributions

Final Rule: OSC Rule - 44-801 - Implementing National Instrument 44-101 - Short Form Prospectus Distributions

Implementing Instrument

ONTARIO SECURITIES COMMISSION RULES
RULE 44-801
IMPLEMENTING NATIONAL INSTRUMENT 44-101
SHORT FORM PROSPECTUS DISTRIBUTIONS

1.1 Short Form of Prospectus for Purposes of Section 63 of the Act

A preliminary short form prospectus and a short form prospectus prepared and certified in accordance with National Instrument 44-101 is a short form of preliminary prospectus and a short form of prospectus in the prescribed form, respectively, for the purposes of section 63 of the Act.

1.2 Exemption from Certain Requirements of the Act and Rules

(1) Despite subsection 65(1) of the Act, the waiting period between the issuance by the Director of a receipt for a preliminary short form prospectus or an amendment to a preliminary short form prospectus and the issuance by the Director of a receipt for a short form prospectus may be less than ten days.

(2) National Instrument 41-101 Prospectus Disclosure Requirements does not apply to a preliminary short form prospectus or a short form prospectus certified, filed and receipted in accordance with National Instrument 44-101.

(3) Subject to subsection (4), Rule 41-501 General Prospectus Requirements does not apply to a preliminary short form prospectus or a short form prospectus certified, filed and receipted in accordance with National Instrument 44-101.

(4) Notwithstanding subsection (3) and section 11.6 of National Instrument 44-101, the provisions of subsection 13.9 of Rule 41-501 General Prospectus Requirements shall apply to a preliminary short form prospectus or a short form prospectus certified, filed and receipted in accordance with National Instrument 44-101.

(5) Section 79 of the Act does not apply insofar as it requires issuers to send financial statements filed under section 78 of the Act to each holder of its securities concurrently with their filing, if

(a) the issuer files those financial statements earlier than 140 days from the end of its last financial year because it is required to do so by National Instrument 44-101; and

(b) the financial statements are sent within the time period specified in the Act for filing.