The Canadian securities regulators (CSA) recently released proposed new rules that will put in place a revised regime for prospectus and registration exemptions in Canada. The proposals consolidate the existing prospectus and registration exemptions in one national instrument and make some revisions to the current regime to move towards national uniformity. In this sense, the proposals will be a welcome change to Canadian securities regulation, since significant time and effort must currently be spent to sort out the rules in each province and territory of Canada that apply to a particular exempt securities transaction. Nevertheless the new proposals will not achieve as much uniformity as we would like—local exceptions and differences will exist, in ways that will be particularly important to participants in the investment management industry.

type Investment Management Advisory - February 2005