The Securities Commission granted First West Credit Union an exemption from the prospectus requirement for distributing membership shares to prospective members. This decision allows the credit union to continue its operations as a federal credit union under the Bank Act (Canada), following its transition from provincial regulation under the Credit Union Incorporation Act (British Columbia). The exemption aligns with existing provincial exemptions for credit unions and is contingent upon First West’s continued regulation by the Office of the Superintendent of Financial Institutions. The relevant legislative provisions include sections 53, 73.1(6), and 74(1) of the Securities Act, R.S.O. 1990, c. S.5.
