Notice of Ministerial Approval of Amendments to National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations, National Instrument 45-106 Prospectus Exemptions, and OSC Rule 45-501 Ontario Prospectus and Registration

Ministerial Approval

The Ontario Minister of Finance recently approved amendments (the Rule Amendments) made by the Ontario Securities Commission to the following rules:

• National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations (NI 31-103)

• National Instrument 45-106 Prospectus Exemptions (NI 45-106)

• OSC Rule 45-501 Ontario Prospectus and Registration Exemptions (OSC Rule 45-501)

The Rule Amendments to NI 31-103 and NI 45-106, as well as corresponding changes to their Companion Policies (the CP Changes), were published in the Bulletin on August 6, 2020. The Rule Amendments to OSC Rule 45-501 were published in the Bulletin on December 10, 2020. The same material is being published today in Chapter 5 of this Bulletin.

Effective Dates

In Ontario, the Rule Amendments and the CP Changes will become effective on the later of:

(a)          March 1, 2021; and

(b)          the day on which sections 4 and 5 of Schedule 37 to Bill 177, Stronger, Fairer Ontario Act (Budget Measures), 2017 are proclaimed into force.

The proclamation, and therefore the effective date in Ontario, is expected to be July 1, 2021.

In certain other jurisdictions of Canada, the Rule Amendments to NI 31-103 and NI 45-106 and the CP Changes will become effective on March 1, 2021.