Changes to National Policy 11-206 Process for Cease to be a Reporting Issuer Applications

CHANGES TO NATIONAL POLICY 11-206 PROCESS FOR CEASE TO BE A REPORTING ISSUER APPLICATIONS

1.        National Policy 11-206 Process for Cease to be a Reporting Issuer Applications is changed by this Document.

2.        The third paragraph of section 14 is changed:

(a)           by replacing the words “the number of Canadian securityholders who purchased securities pursuant to a prospection exemption and” with the words “whether Canadian security holders who purchased securities pursuant to a prospectus exemption”; and

(b)           by replacing the last sentence with the following:

The issuer should provide an analysis of whether those Canadian security holders can rely on section 2.14, section 2.15 or any other provision in National Instrument 45-102 Resale of Securities to sell their securities following the issuance of the order that the issuer has ceased to be a reporting issuer. In Ontario, similar exemptions to sections 2.14 and 2.15 are found in sections 2.7 and 2.8 of Ontario Securities Commission Rule 72-503 Distributions Outside Canada. In Alberta, similar exemptions to sections 2.14 and 2.15 are found in Alberta Securities Commission Blanket Order 45-519 Prospectus Exemptions for Resale Outside Canada..

3.             These changes become effective on June 12, 2018.