Canadian Corporate & Securities Lawyer
This is Part II of my article titled “Offering Memorandum Exemption Finally Proposed in Ontario! Other Regulators Also Mulling Changes. ” This article discusses some of the issues and concerns about the proposed changes to the OM Exemption contemplated by certain Canadian securities regulators. Capitalized terms not otherwise defined in this article have been defined in Part […]
On March 20, 2014, the Ontario Securities Commission (the OSC) published for comment a long awaited proposal for a new offering memorandum exemption in Ontario based on a variant of the Alberta model as set out in Section 2.9 of National Instrument 45-106 Prospectus and Registration Exemptions (the OM Exemption). On the same date, Canadian […]
By Brian Koscak and Alixe Cormick The offering memorandum exemption (the OM exemption) in Section 2.9 of National Instrument 45-106 Prospectus and Registration Exemptions (NI 45 106) allows issuers to sell to anyone regardless of their income, net worth, investment amount, or relationship to the principles of the issuer. Everyone an issuer could solicit in […]
By Brian Koscak and Alixe Cormick Preparing an offering memorandum (an OM) is no easy task. An issuer does not want to miss a form disclosure requirement or make a misrepresentation in its OM when raising capital under section 2.9 of National Instrument 45-106 – Prospectus and Registration Exemptions (commonly referred to as the OM […]
At the May 2013 Annual Conference of the Exempt Market Dealers Association of Canada, I was privileged to moderate a panel discussing various proposed capital raising exemptions under consideration by the Ontario Securities Commission (OSC) including the Offering Memorandum Exemption which remains unavailable in Ontario. In a recent OSC progress report in August 2013 involving […]
