British Columbia Securities Commission: Canadian Securities Regulators Finalize Significant Changes to the Rights Offering Regime
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 09/24/15 -- The Canadian Securities Administrators (CSA) today announced the final implementation of a streamlined prospectus exemption for rights offerings by reporting issuers. The amendments to the rights offering regime are intended to address concerns expressed to the CSA by certain market participants that issuers seldom use the prospectus-exempt rights offering to raise capital because of the associated time and cost.
"Rights offerings can be a very effective way for issuers to raise capital while providing existing security holders with an opportunity to protect themselves from dilution," said Louis Morisset, CSA Chair and President and CEO of the Autorite des marches financiers. "This streamlined exemption is designed to make prospectus-exempt rights offerings more attractive to reporting issuers while maintaining investor protection."
The amendments create a prospectus exemption that is available only to reporting issuers, but not investment funds subject to National Instrument 81-102 Investment Funds. The exemption removes the current requirement for a regulatory review prior to using the rights offering circular while replacing it with alternative investor protections including the addition of statutory secondary market civil liability. This change means that investors under the rights offering will have a right of action if there is a misrepresentation in the rights offering circular or other part of the issuer's continuous disclosure record.
Other key elements of the exemption include:
The amendments also remove the ability of non-reporting issuers to use the rights offering exemption, and update other elements of the rights offering regime.
Provided all necessary Ministerial approvals are obtained, the amendments will come into force on December 8, 2015. A copy of the amendments can be found on CSA members' websites.
The CSA, the council of the securities regulators of Canada's provinces and territories, coordinates and harmonizes regulation for the Canadian capital markets.
Contacts:
British Columbia Securities Commission
Richard Gilhooley
604-899-6713
Alberta Securities Commission
Mark Dickey
403-297-4481
Ontario Securities Commission
Carolyn Shaw-Rimmington
416-593-2361
Autorite des marches financiers
Sylvain Theberge
514-940-2176
Manitoba Securities Commission
Kevan Hannah
204-945-1513
Financial and Consumer Services Commission, New Brunswick
Andrew Nicholson
506-658-3021
Nova Scotia Securities Commission
Tanya Wiltshire
902-424-8586
Office of the Superintendent of Securities P.E.I.
Janice Callbeck
902-368-6288
Office of the Superintendent of Securities
Newfoundland and Labrador
Don Boyles
709-729-4501
Office of the Yukon Superintendent of Securities
Rhonda Horte
867-667-5466
Nunavut Securities Office
Shamus Armstrong
867-975-6587
Northwest Territories Securities Office
Tom Hall
867-873-7490
Financial and Consumer Affairs
Authority of Saskatchewan
Noel Busse
306-798-4160
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Datum: 24.09.2015 - 15:00 Uhr
Sprache: Deutsch
News-ID 422488
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VANCOUVER, BRITISH COLUMBIA
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