Effective September 14, 2005, the Canadian securities industry will benefit from a revised regime for prospectus and registration exemptions that will replace today’s patchwork of local and multi-jurisdictional rules. The Canadian securities regulators recently released in final form a largely uniform national instrument—National Instrument 45-106 Prospectus and Registration Exemptions, together with related forms and a companion policy (the National Exemption Rule) that is expected to come into force on that date. Although local exceptions and differences will exist in ways that will be important to participants in the investment management industry, the National Exemption Rule will significantly simplify compliance for capital markets participants.

type Investment Management Advisory - August 2005