• More to Offer: Recent Changes to the Offering Memorandum Exemption in Canada
  • December 29, 2015 | Authors: Melanie Cole; Daniel Everall
  • Law Firm: Aird & Berlis LLP - Toronto Office
  • National Instrument 45-106 Prospectus Exemptions (“NI 45-106”) provides that certain distributions of securities completed pursuant to an offering memorandum (“OM”) are exempt from the general requirement that all distributions of securities be done pursuant to a prospectus. An OM, like a prospectus, constitutes a disclosure document related to a particular distribution of securities. This article provides an overview of OM offerings and compares the requirements of the OM exemption throughout various Canadian jurisdictions in light of certain recent amendments.