The Ontario Securities Commission granted Brookfield Asset Management Ltd. (the Filer) an exemption from certain requirements related to the use of restricted security terms in its securities documentation. This decision allows the Filer to use alternative terminology to describe its Class A limited voting shares, Class B limited voting shares, and Special Limited Voting Shares in its prospectus and continuous disclosure documents.
The Filer argued that the terms “non-voting security,” “restricted voting security,” and “subordinate voting security” did not accurately describe its shares, and proposed using “limited voting” instead. The Commission agreed, subject to conditions ensuring that no other restricted securities are issued and outstanding other than the specified shares, and that the Filer’s disclosure documents are consistent with the representations made.
The decision was made under the securities legislation of Ontario, specifically referencing National Instrument 41-101 – General Prospectus Requirements, National Instrument 51-102 – Continuous Disclosure Obligations, and OSC Rule 56-501 – Restricted Securities. The exemptions are conditional upon the Filer adhering to the terms outlined in the decision and are specific to the Filer’s unique share structure and the planned special distribution by Brookfield Asset Management Reinsurance Partners Ltd.