CSA Staff Consultation Note 45-401

Review of Minimum Amount and Accredited Investor Exemptions

Public Consultation

Staff of the Canadian Securities Administrators (“CSA”) are conducting a review of the minimum amount prospectus exemption and the accredited investor prospectus exemption contained in National Instrument 45-106 Prospectus and Registration Exemptions. At the conclusion of the review, CSA staff may recommend either retaining the exemptions in their current form or may propose changes. Industry stakeholders are invited to provide them with written comments. Public consultation is open until February 29, 2012.

Your industry associations are there to help facilitate feedback. The Exempt Market Dealers Association ("EMDA") is seeking your input to understand how any changes could impact you. You are invited to share your comments and ideas on how the EMDA should respond to regulators. Please visit our website for more information.

On February 24th, The Western Exempt Market Association ("WEMA") will be holding an industry meeting, sponsored by Miller Thomson, to discuss the CSA request for comment re: minimum investment amount and accredited investor exemptions. The meeting will take place from 3:00pm - 5:00pm in Calgary. Please visit our website for more information.

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