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Canadian securities regulators publish changes to the offering memorandum prospectus exemption.
The Canadian Securities Administrators (CSA) have published changes to the offering memorandum prospectus exemption.
An offering memorandum is a disclosure document that describes a company’s business and financial status and the offering memorandum prospectus exemption allows an issuer to sell its securities to a wider range of people than typically allowed for private placements.
The amendments set out new disclosure requirements for issuers engaged in “real estate activities” and issuers that are “collective investment vehicles.” Several amendments also clarify or streamline parts of the instrument or improve disclosure for investors.