The Canadian Securities Administrators (CSA) published proposed amendments to National Instrument 33-105 Underwriting Conflicts (NI 33-105) last week which will remove in certain instances the need for foreign issuers to provide a Canadian wrapper when distributing foreign securities on an exempt basis to Canadian permitted clients. The comment period on the proposed amendments ends on February 26, 2014. The CSA have also proposed other amendments to provide exemptions from other securities law disclosure requirements. Please do not hesitate to contact Garth Foster if you have any questions.