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ASC issues blanket order regarding private placements to permitted clients

Nov 20, 2014

The Alberta Securities Commission (ASC) has implemented Blanket Order 45-514 Certain Private Placements (Blanket Order 45-514) effective today.

Blanket Order 45-514 replaces Blanket Order 51-513 Relief from Multilateral Instrument 51-105 Issuers Quoted in the U.S. Over-the-Counter Markets.

Blanket Order 45-514 is intended as an interim measure to address concerns that subsection 92(3) of the Securities Act (Alberta) and certain provisions contained in Multilateral Instrument 51-105 Issuers Quoted in the U.S. Over-the-Counter Markets and National Instrument 33-105 Underwriting Conflicts (NI 33-105) are creating unintended barriers to issuers and their dealers when distributing foreign securities to institutional investors in Alberta. 

ASC staff will continue to work with other members of the Canadian Securities Administrators in developing proposed amendments to NI 33-105 and proposed Multilateral Instrument 45-107 Listing Representation and Statutory Rights of Action Disclosure Exemptions, both of which are intended to improve sophisticated investors’ access to the distribution of securities of non-Canadian issuers.
 
A copy of Blanket Order 45-514 been posted to the ASC website at www.albertasecurities.com.
 
The ASC is the regulatory agency responsible for administering the province's securities laws. It is entrusted with fostering a fair and efficient capital market in Alberta and with protecting investors.  As a member of the Canadian Securities Administrators, the ASC works to improve, coordinate and harmonize the regulation of Canada's capital markets.
 
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