The Canadian Securities Administrators have issued a proposal for a new rule regarding resale of securities and are seeking public comment. It will revise and streamline the harmonized resale regime adopted across Canada (except in Quebec) in Nov. 2001.

These amendments will eliminate the concept of “qualified issuer” and provide for a four month restricted period and seasoning period for all reporting issuers once the new harmonized continuous disclosure rules are in place.

The CSA also intend to make a number of consequential amendments to national, multilateral and local instruments.

Public comment is requested by May 2.