Multijurisdictional Disclosure System (MJDS) (U.S.-Canada)

Summary

MJDS is a system developed by the U.S. Securities and Exchange Commission ("SEC") and the Canadian securities regulatory authorities that enables a very different regulatory regime for Canadian issuers. This system eliminates major hurdles for qualifying Canadian companies to register an offering of securities in the U.S. under the Securities Act of 1933 (the "Securities Act"), as amended, or become a reporting company with the SEC by registering a class of securities under the Securities Exchange Act of 1934 (the "Exchange Act"), as amended. The principal benefit is to allow use for the public filing in the U.S. of a Canadian prospectus that is subject to review only by Canadian securities regulators. The MJDS forms comprise Forms F-7 (for rights offerings), F-8 and F-80 (for certain exchange offerings and business combinations), F-10 (for offerings of securities, exchange offers and business combinations) and Form 40-F (for Exchange Act registration and reporting). Form F-9, formerly...