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A consumer
A future professional
A financial sector participant
The Regulation to amend Regulation 11-102 respecting
Passport System ("Regulation to amend 11-102") came into
force on September 28, 2009. It incorporates the
registration phase in the passport system, in effect since
March 17, 2008, with respect to prospectuses, discretionary
exemptions and continuous disclosure.
The Regulation to amend 11-102 further simplifies securities
regulations by enabling a registrant to access clients in multiple
jurisdictions by dealing only with its principal regulator and
meeting the requirements of one set of harmonized laws. Moreover,
Policy Statement 11-204 respecting Process for Registration in
Multiple Jurisdictions, which sets out the interfaces for
Ontario market participants, makes the securities regulatory system
as efficient and effective as possible in the circumstances for all
market participants who want to gain access to the capital markets
in both passport jurisdictions and Ontario.
Since the registration phase in the passport system is essentially
based on a set of regulations harmonized across Canada, its
implementation was dependent on the coming into force of a new
Canada-wide regulation, namely, Regulation 31-103 respecting
Registration Requirements and Exemptions ("Regulation 31-103"),
which also came into force on September 28, 2009.
The addition of a registration phase to the passport system and the
implementation of interfaces with Ontario replaces the
National Registration System.
DOCUMENTS FOR CONSULTATION
Publication dated September 25, 2009:
The Regulation to amend Regulation 11-102 respecting Passport
System, the Policy Statement to Regulation 11-102
respecting Passport System, as well as the related policy
statements and concordant regulations below were published in the
AMF Bulletin of September 25, 2009. This version of the documents
reproduces the version that was published in the Gazette
officielle du Québec dated September 25, 2009.
Publication dated July 17, 2009:
Publication dated December 19, 2008:
Publication dated July 18, 2008:
Regulation 11-102 respecting Passport System ("Regulation 11-102”) came into force on March 17, 2008. It is the second phase of the passport initiative promoted by provincial and territorial governments, excluding Ontario, that are part of the Provincial/Territorial Memorandum of Understanding Regarding Securities Regulation signed in September 2004.
This regulatory system is further to efforts at harmonizing
securities regulation across Canada and replaces Regulation
11-101 respecting Principal Regulator System that came into
force on September 19, 2005. The purpose of Regulation 11-102
is to implement, in the areas of prospectuses, discretionary
exemptions and continuous disclosure, a system that gives a market
participant access to the capital markets in multiple jurisdictions
by dealing only with its principal regulator and meeting the
requirements of one set of harmonized laws. Regulation 11-102 will
be amended at a later date in order to cover the registration area.
The Autorité des marchés financiers (the
“AMF” or the “Authority”) will ensure the
implementation of the passport system in Québec.
DOCUMENTS FOR CONSULTATION
Publication dated March 14, 2008:
Regulation 11-102 respecting Passport System, Policy
Statement to Regulation 11-102 respecting Passport System,
as well as the related policy statements and the consequential
regulations below were published in the AMF Bulletin of March 14,
2008. This version of the documents reproduces the version that was
published in the Gazette officielle du Québec dated
March 12, 2008.
Correction to E-Mail Address Provided in Policy Statement
11-203
There is an error in the e-mail address for the filing of applications in Québec provided in section 5.5. of Policy Statement 11-203 respecting process for exemptive relief applications in multiple jurisdictions. The correct e-mail address is the following:
Dispenses-Passeport@lautorite.qc.ca
Publication dated January 25, 2008:
Publication dated March 28, 2007:
These documents have been published in the AMF Bulletin dated March 30, 2007.
Regulation 11-101 respecting Principal Regulator System came into force on September 19, 2005. It is part of the passport initiative promoted by provincial and territorial governments, excluding Ontario, that are part of the Provincial/Territorial Memorandum of Understanding Regarding Securities Regulation signed in September 2004.
This regulator system is further to efforts at harmonizing securities regulation across Canada. It simplifies the task of issuers that wish to access capital markets in more than one participating province or territory. Under the new system, issuers will generally only have to deal with the regulatory body of their principal jurisdiction. The AMF is ensuring the implementation of the principal regulator system in Québec.
Decisions concerning Regulation 11-101, which are issued on a weekly basis, are available in the securities section of the AMF Bulletin, chapter 10. The decisions are also available at the Canadian Securities Administrators.
