On September 21, 2023, the Canada Securities Administrators (CSA) published a notice and request for comment regarding proposed amendments to a range of securities law instruments, including National Instrument 44-102—Shelf Distributions (NI 44-102). This move is proposed to allow mature and well-established companies to raise capital without the necessity for regulatory reviews. Details of the proposed changes are available on the JD Supra website.
Designed as an expedited process for ‘Well-Known Seasoned Issuers’ or WKSIs, the proposal is known as the ‘Well-known Seasoned Issuer Program.’ A WKSI is typically a large public company having at least $700 million in worldwide public common equity market float. They might also be an issuer who has issued, in the last three years, at least $1 billion aggregate principal amount of non-convertible securities in transactions registered under the Securities Act.
The CSA is inviting the public and stakeholders to present their comments, in writing, until December 20, 2023. If implemented, this amendment will significantly streamline the process of raising capital for WKSIs, saving them time and resources.
All legal practitioners, especially those working with corporations that could qualify as WKSIs, are strongly encouraged to familiarize with the details of the proposal and provide their comments.