ASC Repeals and Replaces Local MJDS Rule

November 28, 2017

The Alberta Securities Commission has repealed and replaced ASC Rule 71-801 Implementing the Multijurisdictional Disclosure System effective December 15, 2017 following a proposal published earlier this year (and discussed here).

  • New rule only impacts offerings by Alberta-based issuers to non-Canadian investors under the multijurisdictional system (MJDS).
  • No changes to the northbound MJDS or to National Instrument 71-101 The Multijurisdictional Disclosure System are being made.
  • Outdated references in the existing rule are updated and Alberta securities laws are better aligned with southbound MJDS.
  • New rule generally follows September proposal except that the proposed foreign underwriter certificate exemption will be available to a foreign underwriter even where there is a concurrent offering in Canada by a Canadian underwriter.

For further information about new ASC Rule 71-801, please see our earlier post and ASC Notice Repeal and Replacement of Alberta Securities Commission Rule 71-801 Implementing the Multijurisdictional Disclosure System (November 23, 2017).

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