Filing of preliminary prospectus and prospectus required
71(1)Unless exempted under this Act or the regulations, no person shall trade in a security on the person’s own account or on behalf of any other person where the trade would be a distribution of the security unless
(a)
a preliminary prospectus and a prospectus that are in the form prescribed by regulation have been filed with the Executive Director in relation to the security, and
(b)
the Executive Director has issued receipts for the preliminary prospectus and prospectus.
71(2)A preliminary prospectus and a prospectus that are in the form prescribed by regulation may be filed with the Executive Director to enable the issuer to become a reporting issuer, notwithstanding the fact that no distribution is contemplated.