The Canadian Securities Administrators (CSA) has published a multilateral staff notice updating market participants on a temporary exemption that allowed exempt market dealers to participate in selling groups for prospectus offerings, and is seeking feedback on its future. The CSA confirmed the exemption, which expires on 20 December 2025, will not be extended. Introduced in late June 2024, the time-limited relief was intended to support capital-raising by start-ups and small to medium-sized businesses by expanding exempt market dealer participation in prospectus offerings, but it saw limited use. Input will be used to inform future policymaking and to assess whether a revised exemption should be issued in the future. A 60-day comment period is open and closes on 26 January 2026, with submissions to be made using the method set out in the notice posted on CSA members’ websites.
Canadian Securities Administrators 2025-11-27
Canadian Securities Administrators confirm exempt market dealer selling group exemption will end on 20 December 2025 and seek feedback on next steps
The Canadian Securities Administrators (CSA) announced that the temporary exemption allowing exempt market dealers to join selling groups for prospectus offerings will expire on 20 December 2025 and will not be extended. Initially introduced to aid capital-raising for start-ups and SMEs, the exemption saw limited use. Feedback is being sought to guide future policy decisions and assess the potential for a revised exemption.