Canadian Securities Administrators, the collection of provincial regulators, have put out a request for comment on proposed amendments to its pre-marketing and marketing prospectus rules.
Not exactly sexy stuff here, but nevertheless important. As it stands, investment dealers are banned from pre-marketing initial public offerings. CSA has put forward a proposal that would allow non-reporting issuers to determine interest in an IPO, through their investment dealer, before a prospectus is filed.
There is also a new proposal that would allow dealers to use term sheets and to conduct road shows during the waiting period after filing of a preliminary prospectus.
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Moreover, CSA hopes to provide some clarity on when a bought deal can be upsized.
The full request for comment can be found here.