Disclosure and Filing Requirements 

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Many cross-border securitization transactions will involve an issuance of securities to investors in Canada, and accordingly, it is important for U.S. practitioners to be familiar with Canadian securities laws.

In Canada, like in the U.S., the issuance of securities to investors is subject to extensive disclosure and filing requirements. If securities are being issued in a public offering, then an issuer will need to prepare an offering document known as a “prospectus”, which is similar to a registration statement in the U.S., and which will be subject to review by provincial securities regulators. The prospectus will need to comply with detailed form requirements, which may vary depending on the type of public offering that is being conducted.

Where securities are being issued in a private placement, there is generally no requirement for an issuer to prepare an offering document. In many cases, however, an issuer will choose to prepare an offering document known as an “offering memorandum” to assist with the marketing of the securities. Unlike a prospectus, there are generally no form requirements for an offering memorandum, although some provinces do require that an offering memorandum disclose certain statutory rights of action for damages or rescission.

If an issuer prepares an offering memorandum, then it will need to ensure that the offering memorandum does not contain a “misrepresentation”, or the issuer may be liable to investors under both statutory and tort law. A “misrepresentation” is an untrue statement of a “material fact” or an omission to state a “material fact” that is required to be stated so that investors are not misled. A “material fact” is a fact that would reasonably be expected to have a significant effect on the market price or value of securities.

An issuer is only permitted to offer securities on a private-placement basis in circumstances where a prospectus exemption is available. There are a variety of prospectus exemptions under Canadian securities laws, but in the context of securitization transactions, an issuer will typically rely on the “accredited investor” exemption, which provides for sales to certain institutional investors, or the “minimum amount” exemption, which provides for sales of securities having a cash purchase price in excess of a designated amount.

Depending on the prospectus exemption that is relied on, an issuer may be required to file with provincial securities regulators a post-closing report setting out certain information regarding the private placement, along with the payment of filing fees to such regulators. The filing fees vary depending on the province, with some provincial securities regulators charging a flat fee, and others charging a fee based on the proceeds raised by the issuer in their province. In addition, if an offering memorandum is provided to investors, some provincial securities regulators require that the offering memorandum be filed with them.

证券法需注意的事项 - 披露和备案要求

因许多跨境证券化交易涉及向加拿大投资者发行证券。因此，美国从业人员熟悉加拿大证券法非常重要。

在加拿大，与美国一样，向投资者发行证券需要遵守广泛的披露和要求。如果公募发行证券，那么发行人将需要准备一份被称为《招股说明书》的发行文件，该文件类似于美国的注册声明，并将受到省级证券监管机构的审查。招股说明书需要遵守详细的格式要求，这些要求可能因所进行的公募发行类型而有所不同。

如果证券是以私募方式发行的，则通常不需要发行人准备发行文件。然而，在许多情况下，发行人会选择准备一份被称为《发行备忘录》的文件，以协助证券的营销。这种文件与招股说明书不同，发行备忘录通常没有格式要求，尽管一些省份要求发行备忘录披露某些损害赔偿或解约的法定诉讼权利说明。

如果发行人准备了一份发行备忘录，那么它必须确保发行备忘录不包含"虚假陈述"，否则发行人可能需要对投资者承担侵权责任以及法律责任。"虚假陈述"是指对"重要事实"的不真实陈述，或遗漏需要陈述的"重要事实"，而误导投资者。"重要事实"是指合理预期下会对证券市场价格或价值产生重大影响的事实。

发行人只有在可以获得招股说明书豁免的情况下，才可以以私募方式发行证券。加拿大证券法规定了多种招股说明书豁免方式，但在证券化交易中，发行人通常会依赖"合格投资者"豁免，该豁免规定向某些机构投资者进行出售，或"最低金额"豁免，该豁免规定出售现金购买价格超过指定金额的证券。

根据所依赖的招股说明书豁免条款，发行人可能需要向省级证券监管机构提交一份收盘后的报告，列明有关私募的某些信息，同时向这些监管机构支付申报费。申报费因省份而异，一些省级证券监管机构收取固定费用，而另一些省级证券监管机构则根据发行人在本省筹集的收益收取费用。此外，如果向投资者提供发行备忘录，一些省级证券监管机构将要求向它们提交《发行备忘录》。