The Securities Commission has granted an exemption to a filer from the requirement to file issuer bid documents electronically through the System for Electronic Document Analysis and Retrieval (SEDAR), as mandated by subsection 2.2(1) of National Instrument 13-101 (NI 13-101). The exemption applies to an upcoming issuer bid that the filer intends to make in multiple Canadian jurisdictions.
The filer, not being a reporting issuer in Canada and not in default of any securities legislation, would typically be required to file such documents electronically. However, due to the exemption, the filer must instead file the issuer bid documents in the specified jurisdictions as directed by the staff of the Alberta Securities Commission.
The decision is based on the filer’s representations, including its intention to make an issuer bid in the third quarter of 2021, the number of beneficial owners of the securities class subject to the bid, and its reliance on certain exemptions in Manitoba and Quebec.
The outcome is supported by the relevant securities legislation, including NI 13-101, Multilateral Instrument 11-102 Passport System, and National Instrument 62-104 Take-Over Bids and Issuer Bids. The Alberta Securities Commission is the principal regulator for this application, and the decision reflects the agreement of the securities regulatory authority in Ontario as well.