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The National Instrument was delivered to the Ontario Minister of Finance on October 13, 2000. If the Minister does not approve, reject, or return the National Instrument to the Ontario Securities Commission for further consideration by December 12, 2000 or if the Minister approves the National Instrument, the National Instrument will come into force in Ontario on December 31, 2000. The National Instrument will become effective in Alberta on December 31, 2000. The National Instrument is expected to be adopted by other members of the CSA.
The Ontario and Alberta Securities Commissions have adopted National Instrument 44-102, "Shelf Distributions", and its Companion Policy (the "Instruments"). The National Instrument will regulate Canadian shelf prospectus distributions, thereby reformulating and replacing the provisions of National Policy 44 ("NP 44") that relate to shelf distributions. The National Instrument is based upon, and is largely consistent with, the shelf provisions in NP 44.
The Ontario and Alberta Securities Commissions have adopted National Instrument 44-103, "Post-Receipt Pricing", and its Companion Policy (the "Instruments"). The National Instrument will regulate the Canadian post-receipt pricing regime. It will reformulate and replace the provisions of National Policy 44 ("NP 44") that relate to post-receipt pricing, maintaining the substance of procedures in NP 44 while adding clarity, operational efficiency and enhanced access to the PREP procedures. The Companion Policy states the views of the Canadian securities regulatory authorities on various issues concerning the PREP procedures.