What is a private issuer?

In Quebec, the notion of "private issuer" is introduced and from now on, any person, including a business corporation, becomes submitted to new standards during the placement of securities, including the issuances and transfers of shares. Failure to meet certain criteria established by these new rules, the business corporation that will want to issue shares or other securities, or any holder wishing to transfer his shares will be submitted to the double and expensive obligation to prepare a prospectus and register as a broker with the "Autorité des marchéas financiers". Each transaction of shares or other securities that a business corporation makes, must from now on be validated in light of the Regulation 45-106.