The Securities Commission granted an exemption to a federation of financial services cooperatives, allowing them to file a base shelf prospectus for market-linked notes without principal protection, despite not meeting certain eligibility criteria. The filer, part of the Mouvement Desjardins, is a significant financial group in Canada and a designated domestic systemically important financial institution. The exemption was granted under the condition that the filer complies with all other requirements and procedures, continues to be recognized as a systemically important institution, and includes specific disclosures in the prospectus supplement about the lack of ratings and risks to investors’ principal. This decision is based on National Instruments 44-101 and 44-102, which set out the criteria for short form and shelf prospectus distributions, and the exemption is contingent upon the filer’s adherence to the terms outlined in the decision document.
Fédération des caisses Desjardins du Québec
2023-02-17 | Decision | 44-101, 44-102 | Issuers | https://www.osc.ca/en/securities-law/orders-rulings-decisions/federation-des-caisses-desjardins-du-quebec-1
National Instrument 44-101 Short Form Prospectus Distributions, s. 2.2(e) and Part 8. National Instrument 44-102 Shelf Distributions, ss. 2.2(1) and (2), 2.2(3)(b)(iii), and Part 11.
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