Published Date: 15 October 2005

Business Trust Guidelines: Aggregation of Offers Made Pursuant to the Exemptions for Small Offers or Private Placement

Guidelines for aggregating offers for a business trust to determine if they meet the limits under the exemptions for small offers or private placements.

These guidelines apply to business trusts. They set out requirements for aggregating closely related offers made during the last 12 months, when determining whether the applicable limit under a relevant exemption has been exceeded.

It covers:

  • Statutory requirements.
  • Rationale and application of the aggregation rule.
  • Guidance on how to determine a closely related offer.
  • Proper records and documentation of offers.
  • Specific exemption for specified financial institutions.
  • Market-making for units or derivatives of units in a business trust acquired pursuant to the small offers exemption.