The Securities Commission granted an exemption to Pembina Pipeline Corporation (the Filer) from the requirement to incorporate by reference a joint management information circular (the Joint Information Circular) into its short form prospectus, including any base shelf prospectus and supplements thereto. The Joint Information Circular, dated June 29, 2021, was prepared in connection with a proposed transaction with Inter Pipeline Ltd. that was subsequently terminated.
The exemption was sought because the information in the Joint Information Circular, particularly regarding the proposed transaction and Inter Pipeline, was no longer material, relevant, or applicable to the Filer or its securityholders following the termination of the arrangement agreement. The Filer asserted that all material facts or information relating to it contained in the Joint Information Circular had been disclosed in its other continuous disclosure documents, which would be incorporated by reference in any prospectus.
The exemption was granted under the securities legislation of Alberta and Ontario, with the Alberta Securities Commission acting as the principal regulator. The decision was made in accordance with National Policy 11-203 Process for Exemptive Relief Applications in Multiple Jurisdictions, National Instrument 44-101 Short Form Prospectus Distributions, and Form 44-101F1 Short Form Prospectus.
The exemption is conditional upon the Filer meeting the basic qualification criteria for filing a short form prospectus at the time of filing any prospectus, complying with all other applicable requirements of the relevant securities legislation, and disclosing in each prospectus that it has obtained the exemptive relief and providing information on how to obtain a copy of the decision.