Acts and Regulations

S-5.5 - Securities Act

Section 77
Disposition versions

Full text
Amendment to prospectus
77(1)Where required to do so under this Part or the regulations and subject to subsection (3), a person shall file and deliver an amendment to a prospectus in accordance with the regulations.
77(2)An amendment to a prospectus shall contain such certificates as are required by the regulations.
77(3)Before the Executive Director accepts the filing of an amendment to a prospectus under this Part or the regulations, the Executive Director may, if in the opinion of the Executive Director it is in the public interest, require the person submitting the amendment to the prospectus for filing to satisfy conditions and additional filing requirements.
77(4)Subject to subsection (5), the Executive Director shall issue a receipt for an amendment to a prospectus on the filing of the amendment to the prospectus under this Part or the regulations.
77(5)The Executive Director shall not issue a receipt for an amendment to a prospectus if the Executive Director is of the opinion that any of the circumstances referred to in subsection 75(2) exist.
77(6)The Executive Director shall not refuse to issue a receipt under subsection (5) without giving the person who filed the amendment to the prospectus an opportunity to be heard.
2007, c.38, s.39
Amendment to prospectus
77(1)Where a material change occurs with respect to an issuer after the receipt for a prospectus is issued but before the completion of the distribution under the prospectus, the person making the distribution
(a) shall file with the Executive Director an amendment to the prospectus disclosing the change within 10 days after the change occurs, and
(b) except with the written permission of the Executive Director, shall not proceed with the distribution until a receipt for the amendment to the prospectus is issued by the Executive Director.
77(2)Where securities in addition to securities previously disclosed in a prospectus or an amendment to the prospectus are to be distributed after the receipt for the prospectus has been issued but before the completion of the distribution under the prospectus, the person proposing to make the distribution of additional securities
(a) shall file with the Executive Director an amendment to the prospectus disclosing the additional securities within 10 days after the decision to distribute the additional securities, and
(b) shall not proceed with the distribution of the additional securities
(i) for a period of 10 days after the amendment to the prospectus is filed, or
(ii) until such time as a receipt for the amendment to the prospectus is issued by the Executive Director, if the Commission informs the person proposing to make the distribution in writing within 10 days after the filing of the amendment to the prospectus that the Commission objects to the distribution of the additional securities.
77(3)Subject to subsection (4) and on the filing of an amendment to a prospectus referred to in subsection (1) or (2), the Executive Director shall issue a receipt for the amendment to the prospectus unless in the opinion of the Executive Director it is not in the public interest to do so.
77(4)The Executive Director shall not issue a receipt for an amendment to a prospectus filed under subsection (1) or (2) if the Executive Director is of the opinion that any of the circumstances referred to in subsection 75(2) exist.
77(5)The Executive Director shall not refuse to issue a receipt under subsection (3) or (4) without giving the person who filed the amendment to the prospectus an opportunity to be heard.