Since September 14th, 2005, this modification in Quebec aims at regulating in a stricter way the issuances and transfers of shares of the private business corporations of the jurisdiction of Quebec or Canada, but only if the business corporations of federal jurisdiction are submitted to the laws of Quebec.
This regulation comes to modify the previous regime applicable to "private issuers", being most of the "non-public" business corporations, to ensure that the securities issued are not exempted from the application of almost all the provisions of the Securities Act as it was the case previously.
National Instrument 45-106 respecting Prospectus Exemptions, adopted by the Canadian Securities Administrators, is in application in all the jurisdictions in Canada since September 14th, 2005 and thus, it applies to all the business corporations of federal jurisdiction. This National Instrument consolidates into a single national instrument and harmonizes across Canada most of the prospectus and registration exemptions provided by the provincial statutes and regulations but also, there remain in force a limited number of local exemptions in the various jurisdictions. As regards these exemptions, National Instrument 45-106 has generally the same scope as Regulation 45-106 respecting Prospectus Exemptions of the Securities Act of Quebec.
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