News Release
ASC proposes rule amendments to help facilitate cross-border offerings by Alberta issuers
Apr 17, 2018
CALGARY – April 17, 2018 – The Alberta Securities Commission (ASC) today has published a notice of the proposed repeal and replacement of ASC Rule 72-501 Distributions to Purchasers Outside Alberta.
The proposed rule significantly expands upon the exemptions available when an Alberta issuer distributes securities to investors outside of Canada. It also provides a prospectus exemption for distributions made under the offering memorandum exemption within Canada. In order to continue to support strong investor protection, the proposed exemptions are conditional on material compliance with the securities laws of the purchaser’s jurisdiction. If adopted, the proposed rule will also replace ASC Blanket Order 45-519 Prospectus Exemptions for Resale Outside of Canada and contain the two current prospectus exemptions for the resale of securities of a non-reporting issuer outside of Canada.
“We believe the proposed rule strikes the right balance between investor protection and facilitating cross-border offerings by avoiding the duplicative application of Alberta requirements where the offering is subject to foreign securities laws,” said Stan Magidson, Chair and Chief Executive Officer of the ASC.
A copy of the ASC Notice Proposed Repeal and Replacement of Alberta Securities Commission Rule 72-501 Distributions to Purchasers Outside Alberta can be found on the ASC website at albertasecurities.com. Comments should be submitted in writing by June 18, 2018.
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.
- 30 -
For further information please contact:
For Media Inquiries:
Hilary McMeekin
Communications Manager
403-592-8186
For Investor Inquiries:
ASC Public Inquiries
Toll Free: 1-877-355-4488
inquiries@asc.ca