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Generally, securities may not be offered for sale to investors in Canada without providing a prospectus approved by the securities regulator in compliance with the laws of each province or territory in which offers will be made. Companies that do offer securities for sale in Ontario may also be required to register as a dealer or adviser. Factors that would indicate that registration as a dealer or adviser is required, can be found on the OSC website. It may be possible for issuers (including foreign) to offer securities for sale without a prospectus, called prospectus exemptions which are primarily set out in National Instrument 45-106 – Prospectus Exemptions. 

For more information on the exempt market visit the OSC’s website or contact the OSC’s Inquiries and Contact Centre.