TSX Delisting Review – Northstar Healthcare Inc. (NHC)

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To expedite the review and receipt of short form prospectuses and the review and acceptance of renewal annual information forms "Renewal AIFs" filed under the prompt offering qualification system the "POP System" in more than one province or territory and to provide for continuing uniformity of administration of securities legislation, the following securities regulatory authorities the "Participating Jurisdictions" have entered into a Memorandum of Understanding the "Memorandum of Understanding" setting out the procedures to be followed by an eligible issuer or selling security holder the "Issuer" to obtain a preliminary and final receipt for a short form prospectus or acceptance of a Renewal AIF on an expedited basis "Expedited Review":.

Other Participating Jurisdictions are taking equivalent steps. The Memorandum of Understanding is substantially the same as the proposal the "Proposal" for Expedited Review that the Canadian Securities Administrators the "CSA" published for comment in August, but reflects, as discussed below, many of the comments received by the CSA on the Proposal.

The Memorandum of Understanding takes effect on November 15, Each Participating Jurisdiction expects Issuers to comply with all local requirements of each province or territory in which they propose to distribute securities under Expedited Review. The CVMQ has generally agreed to review any preliminary short form prospectus filed under Expedited Review within three working days. Alternatively, an Issuer wishing to offer securities throughout Canada can file its preliminary short form prospectus under NPS 1 and the review process will be conducted in the same manner as prior to the implementation of Expedited Review.

If it does so, it may select any province that is prepared to act in such capacity as its Principal Jurisdiction for the purposes of NPS 1. The Issuer may elect to receive a National Policy No. Copies of these comment letters, other than those regarding which ulasan northstar brokers montreal reviews was specifically requested, are available for inspection through the public filing system maintained by or on behalf of the British Columbia, Alberta and Ontario Securities Commissions. Commentators were generally supportive of the Proposal.

Some commentators requested that the procedures be extended to apply to renewal simplified prospectuses and annual information forms filed by mutual funds under National Policy Statement No. Other commentators suggested technical changes to clarify the application and effect of Expedited Review. The Request for Comments published along with the Proposal indicated that the VMQ was not a Participating Jurisdiction under the Proposal and contained alternative procedures under which the CVMQ was likely to agree to participate in a system of expedited review for short form prospectuses.

The Memorandum of Understanding takes into account many of the comments received concerning the Proposal. This notice discusses the significant comments received on, and changes made to the Proposal. Issuers and their advisors are encouraged to review the Memorandum of Understanding in its entirety. Eligibility The Participating Jurisdictions recognize that it may be appropriate to extend the procedures implemented under Expedited Review to other issuers and types of distributions, but wish to defer any expansion of the eligibility criteria until Expedited Review has been operating long enough to allow them to take their experience with Expedited Review into consideration when examining whether or not to extend it.

After considering comments received, it was decided not to extend the availability of Expedited Review to renewal simplified prospectuses and annual information forms filed by mutual fund issuers for the reason stated above and to allow consideration of this issue in light of any proposal for change that might result from the overall review of the investment funds industry currently under way in Ontario.

For similar reasons, one commentator's suggestion that a waiver under section 4. Such a waiver if granted amounts to a variation of NPS 47 for the particular Issuer and although certain waivers may be technical in nature, others may raise substantive issues. The Proposal provided that Expedited Review would not be available for distributions of derivative securities.

In view of concerns expressed as to the meaning of derivative securities, the Memorandum of Understanding includes a definition of derivative securities. The Participating Jurisdictions reasonably expect that any uncertainty created by the opting out provisions will be reduced over time as Issuers gain experience with the limited circumstances under which the opting out provisions are used. In response to comments received, the Memorandum of Understanding clarifies that ulasan northstar brokers montreal reviews a Participating Jurisdiction opts out of Expedited Review for a particular preliminary short form prospectus, the preliminary expedited review receipt document remains effective for the preliminary short form prospectus filed in that Participating Jurisdiction.

It also clarifies that where a Participating Jurisdiction opts out of Expedited Review the Issuer must file, as soon as is possible, the usual preliminary materials with the Participating Jurisdiction opting out. That Participating Jurisdiction will then conduct its own review of the particular short form prospectus in accordance with procedures under NPS 1.

Application of Expedited Review to Other Policy Statements The Memorandum of Understanding clarifies that the filing procedures for a preliminary short form prospectus and short form prospectus set out in Section 6.

Fees One commentator suggested that the fees payable to Participating Jurisdictions other than the Designated Jurisdiction be reduced. Since the fees payable by a particular Issuer are designed to support the overall securities regulatory system for the benefit of the Issuer, the Issuer's security holders and other capital market participants and are not related to the workload associated with the review of a particular preliminary short form prospectus or Renewal AIF, this comment was not adopted.

The Memorandum of Understanding provides that any Participating Jurisdiction ulasan northstar brokers montreal reviews a system of selective review will agree to notify the other Participating Jurisdictions if and when it adopts a system of selective review and will provide sufficient information to those Participating Jurisdictions for them to assess the scope of review under the system of selective review. The Ontario Securities Commission and its Director have adopted a system of selective review which came into effect on October 3, and which the Participating Jurisdictions acknowledge will be applied to preliminary short form prospectuses and Renewal AIFs filed under Expedited Review.

Responsibility for compliance with applicable securities legislation, policies and practices remains with Issuers and their ulasan northstar brokers montreal reviews. The fact ulasan northstar brokers montreal reviews a document is not selected for review in no way detracts from such responsibility. Issuers are cautioned that it may not be appropriate to rely on a short form prospectus or a Renewal AIF as a precedent notwithstanding that the Ontario Securities Commission, as the Issuer's Ulasan northstar brokers montreal reviews Jurisdiction, has issued an expedited review receipt document for it or accepted it as a Renewal AIF since not all preliminary short form prospectuses and Renewal AIFs are reviewed in ulasan northstar brokers montreal reviews selective review system.

For information, please contact any of the following:. The Participating Jurisdictions recognize the ongoing need to improve the efficiency of the Canadian capital markets by speeding up the prospectus review process and by reducing costs for senior issuers. The Participating Jurisdictions are especially cognizant of the timing difficulties encountered by Issuers accessing public capital markets when required to deal with the various jurisdictions involved in securities regulation across Canada.

In response, the Participating Jurisdictions have agreed to expedite the review and receipt of short form prospectuses and review and acceptance of Renewal AIFs filed under the prompt offering qualification system in more than one Canadian jurisdiction and have reached the following understanding with respect to the procedure to be followed by the Participating Jurisdictions. Ulasan northstar brokers montreal reviews Participating Jurisdictions believe that Expedited Review represents a step towards increased harmonization and the elimination of duplication in the current securities regulatory system.

Expedited Review involves no surrender of jurisdiction by any Participating Jurisdiction. Each of the Participating Jurisdictions retains the statutory discretion to review and receipt or refuse to issue a receipt for a particular short form ulasan northstar brokers montreal reviews.

This Memorandum of Understanding sets out the procedures agreed to by each of the Ulasan northstar brokers montreal reviews Jurisdictions governing the implementation and operation of Expedited Review. At any time after the effective date of the Memorandum of Understanding, any Non-Participating Jurisdiction may become a Participating Jurisdiction by giving notice of its desire to participate in Expedited Review and executing a counterpart of the Memorandum of Understanding.

An Issuer will be eligible to elect Expedited Review for: Each of the Participating Jurisdictions may appoint one ulasan northstar brokers montreal reviews to the Expedited Review Committee.

The Expedited Review Committee will be responsible for ensuring consistency of review of filings and coordinating any changes or amendments to and otherwise monitoring Expedited Review. All decisions of the Expedited Review Committee will be based on its view of what is most administratively efficient and will be final. Schedule "A" will be amended and republished from time to time. The Issuer is responsible for making application for any exemptive relief which may be needed from any Participating Jurisdiction.

Application should be made prior to filing Preliminary Materials in the Designated Jurisdiction under Expedited Review. Where an application cannot be made prior to the filing of the Preliminary Materials, it must be made contemporaneously with the filing. If relief has not been obtained within the time for opting out of Expedited Review, the issuance of a final expedited review receipt document may be delayed or the Participating Jurisdiction in which the relief is required may opt out for the particular filing.

The Issuer must indicate in the covering letter filed with the preliminary short form prospectus that ulasan northstar brokers montreal reviews is electing Expedited Review and identify the provinces and territories in which the preliminary short form ulasan northstar brokers montreal reviews is being filed.

The Issuer shall file the Preliminary Materials with the Designated Jurisdiction only and, on the same day, send a Facsimile of the covering letter, preliminary short form prospectus and Undertaking to each of the other Participating Jurisdictions in which the Issuer proposes to distribute securities. If the Preliminary Materials are acceptable, the Designated Jurisdiction will issue the preliminary expedited review receipt document.

Immediately after its issuance, the Designated Jurisdiction will send, by Facsimile, the preliminary expedited review receipt document to each Participating Jurisdiction where the preliminary short form prospectus was filed. The preliminary expedited review receipt document evidences that a preliminary receipt has been issued by each Participating Jurisdiction in which the preliminary short form prospectus was filed, including those that have opted out. Certain jurisdictions will support the statements in the preliminary expedited review receipt document by in fact issuing a local preliminary receipt.

In those jurisdictions a filing under Expedited Review will be treated as a request to hold the local preliminary receipt on behalf of the Issuer unless the Issuer requests physical possession of the preliminary receipts from those jurisdictions. A Participating Jurisdiction will have two working days following the date of the preliminary expedited review receipt document to conduct such review as it considers appropriate to determine whether it wishes to opt out of Expedited Review for that particular filing see ulasan northstar brokers montreal reviews 8.

In most cases, this review of the preliminary short form prospectus will be restricted to identifying any specific concerns with the transaction, ulasan northstar brokers montreal reviews related disclosure or any other special circumstances. Unless a Participating Jurisdiction notifies, by Facsimile, the Designated Jurisdiction otherwise within the two working days, it will, by its silence, have confirmed its participation in Expedited Ulasan northstar brokers montreal reviews.

The Participating Jurisdictions acknowledge that a Participating Jurisdiction may adopt and implement ulasan northstar brokers montreal reviews system of selective review of filings that would apply to ulasan northstar brokers montreal reviews short form prospectuses under Expedited Review. Any Participating Jurisdiction adopting a system of selective review will agree to notify the other Participating Jurisdictions if and when it adopts a system of selective review and will provide sufficient information to those Participating Jurisdictions for them to assess the scope of review under the system of selective review.

The Designated Ulasan northstar brokers montreal reviews is responsible for issuing comments to the Issuer arising out of its review. The comment letter will identify any Participating Jurisdictions that have opted out of Expedited Review. Comments will be issued within three working days following the date of filing of the preliminary short form prospectus unless, in the opinion of the Designated Jurisdiction, the proposed offering is too complex to be reviewed adequately within the three working days.

Responses to comments should be in writing addressed to and will be resolved by the Designated Jurisdiction. If the Designated Jurisdiction determines that it is not prepared to recommend that a final expedited review receipt document be issued for a particular short form prospectus, it will notify the Issuer and each of the Participating Jurisdictions that has not opted out of Expedited Review of its decision.

At that point, the Issuer is obliged to co-ordinate the review process with each Participating Jurisdiction and Expedited Review is no longer applicable to this filing. Each of the Participating Jurisdictions will determine in accordance with its normal procedure whether or not to issue a final receipt for the short form prospectus. Designated Jurisdiction The Designated Jurisdiction will issue the final expedited review receipt document if:.

The issuance of the final expedited review receipt ulasan northstar brokers montreal reviews by the Designated Jurisdiction will evidence that a final receipt has been issued by each Participating Jurisdiction in which the preliminary short form prospectus was filed other than those that have opted out of Expedited Review.

The final expedited review receipt document will bear on its face the following legend:. The Designated Jurisdiction will send, by Facsimile, the final expedited review receipt document immediately after its issuance to each Participating Jurisdiction in which the preliminary short form prospectus was filed other than those that have opted out of Expedited Review.

Certain jurisdictions will support the statements in the final ulasan northstar brokers montreal reviews review receipt document by in fact issuing a local final receipt.

In those jurisdictions a filing under Expedited Review will be treated as a request to hold the local final receipt on behalf of the Issuer unless the Issuer requests physical possession of the final receipts from those jurisdictions. Participating Jurisdictions Other Than the Designated Jurisdiction The Issuer, in accordance with its Undertaking, will file with the Participating Jurisdictions, other than the Designated Jurisdiction and those Participating Jurisdictions that have opted out of Expedited Review, the Final Filing Materials before the end of the third working day following the date of the final expedited review receipt document.

If the final expedited review receipt document is not issued in respect of a Participating Jurisdiction, the Undertaking is of no effect for that Participating Jurisdiction, except for fees. For greater certainty, Issuers will always be required to pay the relevant filing fees incurred in the Participating Jurisdictions in which the preliminary short form prospectus or short form prospectus was filed. Each Participating Jurisdiction is entitled to opt out of Expedited Review for any particular preliminary short form prospectus.

Any Participating Jurisdiction choosing to opt out of Expedited Review for a particular preliminary short form prospectus will notify the Issuer, the Designated Jurisdiction and all other Participating Jurisdictions, by Facsimile, before the end of the second working day following the date of the preliminary expedited review receipt document. If a Participating Jurisdiction opts out of Expedited Review for a particular preliminary short form prospectus, the procedures set out in NPS 1 apply regarding that particular preliminary short form prospectus in that jurisdiction.

Immediately upon receipt of notification from a Participating Jurisdiction that it has opted out of Expedited Review with respect to a particular preliminary short form prospectus filing, the Issuer shall file Preliminary Materials with that Participating Jurisdiction. Notwithstanding the time periods provided for short form prospectuses in NPS 1, if the Preliminary Ulasan northstar brokers montreal reviews are not filed expeditiously with the Participating Jurisdiction opting out, the time periods provided for under NPS 1 may not be met by the Participating Jurisdiction opting out of Expedited Review.

A Participating Jurisdiction that has opted out of Expedited Review for a particular filing may opt back in at any time prior to the issuance of the final expedited review receipt document by notifying ulasan northstar brokers montreal reviews Designated Jurisdiction, the other Participating Jurisdictions and the Issuer, by Facsimile.

It is the responsibility of that Participating Jurisdiction to ensure that the final expedited review receipt document has ulasan northstar brokers montreal reviews been issued prior to its opting back into Expedited Review. As an alternative to the Renewal AIF review procedure set out in section 5. Where an Issuer elects Expedited Review, the procedures set out in section 5. Ulasan northstar brokers montreal reviews the Issuer is filing its Renewal AIF in more than one Participating Jurisdiction and in a Non-Participating Jurisdiction, it may nonetheless elect Expedited Review and be subject to selective review under section 5.

Immediately after its issuance, the Designated Jurisdiction will send, by Facsimile, the expedited notice of acceptance to each Participating Jurisdiction where the Renewal AIF has been filed. The expedited notice of acceptance document will state the following:. Issuers will not have to obtain a separate notice of acceptance from each of the Participating Jurisdictions.

Information contained herein is subject to change. Where an Issuer has elected Expedited Review and follows ulasan northstar brokers montreal reviews procedures set out herein for filing a preliminary short form prospectus and short form prospectus, the filing procedures for a preliminary short form prospectus and short form prospectus provided in section 6.

This Memorandum of Understanding may be executed in several counterparts, each of which so executed shall be deemed to be an original, and such counterparts together shall constitute one and the same instrument. This Memorandum Of Understanding is effective as of this 15th day of November, Derivative securities generally include securities the value of which, or the return from, is based upon the ulasan northstar brokers montreal reviews price, value or return of one or more underlying securities or commodities or upon the level of one or more financial benchmarks such as interest rates, foreign exchange rates or stock market indices.

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