Multilateral Instrument 45-103 Capital Raising Exemptions is an instrument of the British Columbia and Alberta Securities Commissions that, effective April 3, 2002, in British Columbia and March 30, 2002, in Alberta, implemented significant changes to the regulatory regime governing the "exempt market" in British Columbia and Alberta. The exempt market is the market in which securities are sold in reliance on exemptions from the registration and prospectus requirements under securities laws.

type Investment Funds Advisory – New Capital Raising Exemptions in British Columbia and Alberta: How Will Multilateral Instrument 45-103 Affect You and Your Pooled Funds?