The Alberta Securities Commission (ASC) and the Financial and Consumer Affairs Authority of Saskatchewan (FCAA) have recently announced an amendment to the self-certified investor prospectus exemption, effectively removing the initially set expiry date of April 1, 2024. This decision comes after a three-year pilot phase that demonstrated a sustained interest in this exemption. The self-certified investor prospectus exemption is designed to provide enhanced flexibility for businesses and investors in Alberta and Saskatchewan. It achieves this by allowing self-certified investors, who have attested to possessing certain financial and investment knowledge and understanding the associated risks, to participate in investment opportunities on a similar footing as accredited investors.

Investors under this exemption are subject to investment limits of CA$10,000 in any single business and CA$30,000 across multiple businesses within a calendar year, a measure intended to mitigate investment risks. The regulatory orders pertinent to this exemption (ASC Blanket Order 45-538 and FCAA General Order 45-538) are accessible through the websites of the ASC and FCAA, respectively. Additionally, a minor amendment has been made to the wording in Annex 2 to better align with the language used for accredited investors. These amendments took effect on April 1, 2024.

For more detailed information or inquiries, please contact any member of the Securities and Corporate Finance group at Dentons Canada LLP.