219(1)A certificate issued to a person under section 17 of the previous Act or any evidence of a person’s authority to trade in a security or securities provided under section 17.1 of the previous Act that was in effect immediately before the commencement of this section shall be deemed to be a receipt issued to the person in accordance with section 71 for the prospectus in relation to which the certificate was issued or the evidence of authority to trade was provided, and the prospectus shall be deemed to have been filed under this Act in accordance with section 71.

219(2)A person to whom a receipt for a prospectus is deemed under subsection (1) to have been issued shall be deemed to have complied with section 71 in relation to the securities in respect of which the prospectus was filed without having filed a preliminary prospectus or obtaining a receipt for it, and this Act and the regulations, other than section 78, apply to any distribution of the securities under the prospectus on or after the commencement of this section.

219(3)An amended prospectus that was filed under the previous Act in relation to a prospectus that is deemed under subsection (1) to have been filed under this Act shall, on the commencement of this section, be deemed to be an amendment to the prospectus and to have been filed under this Act.

219(4)Where a certificate or any evidence of authority to trade in a security or securities is deemed under subsection (1) to be a receipt for a prospectus, no person shall continue a distribution of a security under the prospectus on or after the date on which the certificate or evidence of authority to trade would have expired under the previous Act unless, on the application of an interested person or on its own motion, the Commission extends, subject to such terms and conditions as it considers appropriate, the period within which a distribution may be continued under the prospectus.

219(5)On or after the commencement of this section, any application for a certificate under section 17 of the previous Act or for evidence of authority to trade in a securities or securities under section 17.1 of the previous Act that is commenced under the previous Act and that has not been dealt with and completed under the previous Act may be dealt with and completed by the Executive Director in accordance with this Act and the regulations as though a preliminary prospectus and a prospectus were filed with the Executive Director under section 71.