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In late November, seven Canadian securities regulators published CSA Multilateral Staff Notice 31-367 Notice and Consultation Regarding CSA Coordinated Blanket Order 31-930 Exemption to Allow Exempt Market Dealer Participation in Selling Groups in Offerings of Securities Under a Prospectus (Staff Notice) that was put into place for a time-limited period in late June 2024. The exemption had – on a very limited use basis - allowed EMDs to assist start-ups and small to medium sized businesses to raise capital. Only three EMDs reported a change in business activity indicating that they intended to rely on the Blanket Order, and of those, only two participated in selling groups in prospectus offerings. As a result, the exemption will not be extended past December 20, 2025, when it expires. In the Staff Notice, numerous questions about the conditions of the exemption are posed, and additional feedback is sought to help inform whether a revised exemption should be published in future. Comments will be accepted until January 26, 2026.
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