The intelligence of machines and the branch of computer science which aims to create it

Artificial Intelligence Journal

Subscribe to Artificial Intelligence Journal: eMailAlertsEmail Alerts newslettersWeekly Newsletters
Get Artificial Intelligence Journal: homepageHomepage mobileMobile rssRSS facebookFacebook twitterTwitter linkedinLinkedIn

Artificial Intelligence Authors: Kevin Benedict, Elizabeth White, Yeshim Deniz, Liz McMillan, Pat Romanski

Related Topics: CEOs in Technology, Artificial Intelligence Journal

News Feed Item

Canadian Securities Regulators Propose Changes to the Accredited Investor and Minimum Amount Investment Prospectus Exemptions

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 02/27/14 -- The Canadian Securities Administrators (CSA) today published for comment proposed amendments relating to the accredited investor prospectus exemption (AI exemption) and the minimum amount investment prospectus exemption (MA exemption) in National Instrument 45-106 Prospectus and Registration Exemptions.

The proposed amendments include, among other things:

1.  a new risk acknowledgement form for individual accredited investors that
    describes, in plain language, the categories of individual accredited
    investor, and the protections an investor will not receive by purchasing
    under the AI exemption; and
2.  restricting the MA exemption to distributions to non-individual

"These amendments are intended to address investor protection concerns, while balancing the capital raising challenges facing issuers," said Bill Rice, Chair of the CSA and Chair and CEO of the Alberta Securities Commission. "Concerns include individual investors not understanding the risks of investing under the AI exemption, and individuals investing more than they can afford to meet the requirements of the MA exemption."

The proposed amendments would also amend the definition of accredited investor in Ontario to allow fully managed accounts to purchase investment fund securities using the managed account category of the AI exemption, as is permitted in other Canadian jurisdictions. The Ontario Securities Commission's proposal to make this change would harmonize this category of the AI exemption in Canada.

The proposed amendments are the result of a comprehensive review by the CSA of both the AI and MA exemptions that involved stakeholder consultation across Canada, a review of enforcement cases and a thorough examination of data from exempt distribution reports filed over a 12-month period.

The CSA notice and the proposed amendments are available on CSA members' websites. The comment period is open until May 28, 2014.

The CSA, the council of the securities regulators of Canada's provinces and territories, co-ordinates and harmonizes regulation for the Canadian capital markets.

British Columbia Securities Commission
Richard Gilhooley

Autorite des marches financiers
Sylvain Theberge

Alberta Securities Commission
Mark Dickey

Ontario Securities Commission
Carolyn Shaw-Rimmington

Manitoba Securities Commission
Kevan Hannah

Financial and Consumer Services Commission New Brunswick
Wendy Connors-Beckett

Nova Scotia Securities Commission
Tanya Wiltshire

PEI Securities Office
Janice Callbeck
Office of the Attorney General

Financial Services Regulation Div. Newfoundland and Labrador
Don Boyles

Office of the Yukon Superintendent of securities
Rhonda Horte

Nunavut Securities Office
Louis Arki

Northwest Territories Securities Office
Donn MacDougall

Financial and Consumer Affairs Authority of Saskatchewan
Daniela Machuca

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.