The Canadian Securities Administrators (CSA) have proposed a new harmonized report for the exempt market.
Documents released on Aug. 13 propose allowing exempt market issuers to file a single report that would apply across the country, replacing the two different reports that are currently required across Canadian jurisdictions. The regulators say the new report would also provide them with the additional information they need to facilitate regulatory oversight and policy development for the exempt market.
Regulatory proposals from 2014 also suggested changes to the exempt market reporting regime, and the CSA says the comments it received on these earlier versions were taken into consideration when developing this new set of amendments.
“The proposed report is intended to reduce the compliance burden for issuers and underwriters by having a single, harmonized report across the jurisdictions. It will also improve our regulatory oversight of the exempt market by providing the CSA with better data regarding the issuers and intermediaries participating in that market,” says Louis Morisset, CSA chair and president and CEO of the Autorité des marchés financiers.
The proposals are open to comment until Oct. 13, 2015, and a notice outlining them in detail can be found on the web sites of the various provincial and territorial securities regulators.