Canadian securities regulators have proposed amendments (PDF) that would relieve certain disclosure requirements for foreign securities offered to sophisticated (e.g. institutional) Canadian investors on a private placement basis. The move would reduce the regulatory burden on foreign issuers who must currently provide a supplemental disclosure document, which conforms to Canadian requirements, when offering prospectus-exempt securities in Canada. That second disclosure, known as a "wrapper," must accompany current foreign offering documents. "The proposed amendments are intended to streamline the process for offering foreign securities to sophisticated Canadian investors, thus broadening the range of investment opportunities available to these investors, without compromising investor protection," Bill Rice, chair of the Canadian Securities Administrators (CSA) and chief executive of the Alberta Securities Commission. The CSA is the national standard-setter representing Canada's provincial
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