The applicant, a French corporation, applied for exemptive relief from the prospectus and dealer registration requirements in connection with a global employee share offering.
The offering involved the issuance of units of a temporary French collective shareholding vehicle to Canadian employees, which would later merge into a principal fund.
The Commission granted the requested relief, subject to conditions including that the first trade of the securities be made outside of Canada or to a person outside of Canada, and that Canadian residents not own more than 10% of the outstanding securities.
