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Canadian Securities Administrators amends marketing regulations

The Canadian Securities Administrators has amended its General Prospectus Requirements to increase the range of pre-marketing and marketing activities permitted in connection with prospectus offerings by issuers other than investment funds. The amendments allow non-reporting issuers, through an investment dealer, to determine interest in a potential initial public offering by communicating with accredited investors. They also allow investment dealers to use marketing materials and conduct road shows after the announcement of a bought deal, during the waiting period and following the filing of a final prospectus. They also specify when bought deals and bought deal syndicates can be enlarged. "These amendments are designed to modernize and clarify certain aspects of the prospectus pre-marketing and marketing regime in Canada, while also providing protection for investors," said Bill Rice, chair of the CSA. "These amendments will help facilitate the prospectus offering process for issuers and investment dealers."

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