The Filer applied for an exemption from the prospectus requirements under the Securities Act to issue limited partnership interests to two former employees in Canada pursuant to an employee purchase plan.
The exemption under section 2.24 of National Instrument 45-106 was unavailable because the offerees were former, not current, employees.
The Ontario Securities Commission granted the requested relief, noting the distributions were isolated transactions, the participants would receive disclosure documents, and they would not be induced by expectation of employment.
