Canadian securities regulators streamline at-the-market distribution regime

CALGARY and TORONTO, June 4, 2020 /CNW/ - The Canadian Securities Administrators today published final amendments that streamline at-the-market (ATM) distributions in Canada, and reduce regulatory burden for issuers, exchanges and investment dealers. ATM distributions will now be available to issuers without having to incur the time and cost of applying for exemptive relief to conduct such distributions.

"The amendments facilitate distributions without having an adverse impact on investor protection," said Louis Morisset, Chair of the CSA and President and CEO of the Autorité des marchés financiers (AMF). "They also give issuers a faster and more cost-effective way to raise capital, which may be substantially beneficial to them particularly during the COVID-19 pandemic."

Provided all necessary Ministerial approvals are obtained, the amendments will become effective on August 31, 2020. 

Stakeholders identified ATM distributions as a recommended area of focus in the CSA's consultation on reducing regulatory burden for non-investment fund issuers. In response, the CSA initiated a policy project relating to ATM distributions, leading to the publication of proposals for comment on May 9, 2019. The CSA received written submissions from seven commenters and revised the proposals to reflect some of the comments received.

The CSA Notice of Amendments to National Instrument 44-102 Shelf Distributions and its related companion policy are available on participating jurisdictions' websites.

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

For Investor inquiries, please refer to your respective securities regulator. You can contact them here.

For media inquiries, please refer to the list of provincial and territorial representatives below or contact us at [email protected].

Kristen Rose	Hilary McMeekin
Ontario Securities Commission	Alberta Securities Commission
416-593-2336	403-592-8186
Sylvain Théberge	Jason (Jay) Booth
Autorité des marchés financiers	Manitoba Securities Commission
514-940-2176	204-945-1660
Brian Kladko	Steve Dowling
British Columbia Securities Commission	Office of the Superintendent of Securities,
604-899-6713	Prince Edward Island
	902-368-4550
Sara Wilson	David Harrison
Financial and Consumer Services	Nova Scotia Securities Commission
Commission, New Brunswick	902-424-8586
506-643-7045
Renée Dyer	Rhonda Horte
Office of the Superintendent of Securities	Office of the Yukon Superintendent of
Newfoundland and Labrador	Securities
709-729-4909	867-667-5466
Jeff Mason	Tom Hall
Nunavut Securities Office	Office of the Superintendent of Securities
867-975-6591	Northwest Territories
	867-767-9305
Shannon McMillan
Financial and Consumer Affairs
Authority of Saskatchewan
306-798-4160

SOURCE Canadian Securities Administrators