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New Prospectus Exemption Pilot for “Self-Certified Investors”

October 31, 2022

On October 25, 2022, the Ontario Securities Commission (the “OSC”) adopted Ontario Instrument 45-507 Self-Certified Investor Prospectus Exemption (Interim Class Order) (the “Order”) which provides for a new exemption from the requirement for an issuer to file a prospectus in respect of a distribution of securities to a “self-certified investor” (the “Self-Certified Exemption”). The Self-Certified Exemption is expected to be used for investments by Ontario residents who may not meet certain financial thresholds to participate under other prospectus exemptions (for example, the “accredited investor” exemption), but who possess the necessary business knowledge, obtained either through education or experience, to make an informed investment decision.

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