Changes to NP 11-203 Process for Exemptive Relief Applications in Multiple Jurisdictions

Changes to NP 11-203 Process for Exemptive Relief Applications in Multiple Jurisdictions

The following reflects changes to National Policy 11-203 Process for Exemptive Relief Applications in Multiple Jurisdictions that will take effect upon the coming into force of the amendments to National Instrument 45-106 Prospectus Exemptions related to the offering memorandum prospectus exemption. Additions are represented with underlined text.

3.8 -- General guidelines

(4) The regulators are not prepared to extend the availability of a non-harmonized exemption set out in National Instrument 45-106 Prospectus Exemptions (NI 45-106) to a non-principal jurisdiction where the non-harmonized exemption is not available under that rule. If a filer makes a passport application or a dual application that would have that effect, the principal regulator will request that the filer provide a representation that no person or company will rely on the exemption in that non-principal jurisdiction. For example, jurisdictions have adopted different types of offering memorandum exemptions under NI 45-106. A principal regulator would not grant an exemption that would have the effect of allowing the use of a type of offering memorandum exemption that is not available under NI 45-106 in a non-principal jurisdiction, unless the filer gave a representation that no person or company would offer the securities relying on that type of offering memorandum exemption in the non-principal jurisdiction.