The Canadian Securities Administrators (CSA) published a set of proposed changes to exempt distribution reporting requirements on Thursday that aim to address concerns that the current rules are hampering Canadian institutional access to certain foreign offerings.
Specifically, the CSA says in a notice setting out the proposals that they’re designed to streamline, and increase the flexibility of, certain issuer and underwriter obligations and are intended primarily to address the concerns of foreign dealers and Canadian institutional investors.
The notice indicates that, in certain cases, Canadian investors are being excluded from foreign offerings because of the exempt reporting requirements. To alleviate these concerns, regulators have provided relief from certain requirements. However, the CSA says that institutional investors continue to have difficulties accessing foreign offerings.
“The proposed amendments provide greater clarity and flexibility on certain requirements of the report while still providing regulators with the information necessary for oversight and policy development,” says Louis Morisset, chairman of the CSA and president and CEO of the Autorité des marchés financiers, in a statement.
The proposals are out for a 90-day comment period, until Sept. 6.