Exemptions

Exemptions

For information about exemptions select from the options below.

 

• How to raise capital using exemptions
• Applications
• General exemption orders
• Prospectus exempt distributions
• Exemptions granted
• Reports for certain prospectus-exempt distributions
• Frequently Asked Questions (FAQs)

 

Applications

Read the following information to learn about how to apply for an exemption:

• National Policy 11-203 Process for Exemptive Relief Applications in Multiple Jurisdictions
• National Policy 11-206 Process for Cease to be a Reporting Issuer Applications (National Policy)
• Saskatchewan Policy Statement 12-601 Applications to the Saskatchewan Financial Services Commission

 

General exemption orders

Here is a list of general exemption orders already granted.
 

Prospectus exempt distributions

A prospectus is a document that provides detailed information about a security and the company offering it. It is typically required before securities can be sold, but there are some exceptions to the rule. The exceptions, called prospectus exemptions, can help a company to raise money without incurring the expense of preparing a prospectus.

The "exempt market" describes a section of Canada’s capital markets where securities can be sold without the protections of a prospectus. Examples of activity in the exempt market include:

• Canadian and foreign companies, both public and private, selling securities to institutional investors and qualified investors
• Canadian and foreign hedge funds and pooled funds selling securities to institutional investors and qualified investors

Here are the regulatory instruments related to exemptions.
 

Exemptions granted

Here are the exemptions granted since October 1, 2011.  For exemptions before October 1, 2011 contact FCAA.

• 2024 Exemptions
• 2023 Exemptions
• 2022 Exemptions
• 2021 Exemptions
• 2020 Exemptions
• 2019 Exemptions
• 2018 Exemptions
• 2017 Exemptions
• 2016 Exemptions
• 2015 Exemptions
• 2014 Exemptions
• 2013 Exemptions
• 2012 Exemptions
• 2011 Exemptions

 

Frequently Asked Questions (FAQs)
 

• Do I always need to comply with The Securities Act, 1988 if I want to raise money for my business?
• How can I raise money for my business without getting registered and preparing a prospectus?
• Can FCAA staff give me advice about raising capital for my business?
• Can I file material required under The Securities Act, 1988 with FCAA by e-mail?
• Can I make an application to FCAA for an exemption from the requirements of The Securities Act, 1988 by e-mail?
• Can I make an application for an exemption to more than one province at the same time?

 

Do I always need to comply with The Securities Act, 1988 if I want to raise money for my business?

You must comply with The Securities Act, 1988 (the Act) if you are going to issue securities to raise money for your business. The requirements may mean that you register your business and prepare a prospectus, or that neither is necessary, if you qualify for an exemption under the Act. Consult a professional advisor for more information.

 

How can I raise money for my business without getting registered and preparing a prospectus?

You can raise money for your business without meeting the registration and prospectus requirements if you qualify for an exemption, as contained in National Instrument 45-106 Prospectus and Registration Exemptions. The paper How to Raise Capital Using Exemptions provides further details about exemptions. Consult a professional advisor for more information.

 

Can FCAA staff give me advice about raising capital for my business?

FCAA staff will answer your specific questions, but cannot provide business or legal advice. It may be helpful for you to review How to Raise Capital Using Exemptions before contacting staff.

 

Can I file material required under The Securities Act, 1988 with FCAA by e-mail?

No, you cannot file by e-mail; it must be filed in paper form. FCAA will accept some material filed by fax, provided that a hard copy follows in the mail.

 

Can I make an application to FCAA for an exemption from the requirements of The Securities Act, 1988 by e-mail?

No, applications for exemption from the requirements of The Securities Act, 1988 must be filed in paper form. See Local Policy Statement 12-601 Applications to the Saskatchewan Securities Commission for more details. Some applicants fax their applications with the hard copy following by mail or courier.

 

Can I make an application for an exemption to more than one province at the same time?

Yes, National Policy 11-203 Process for Exemptive Relief Applications in Multiple Jurisdictions sets out the process.