Canadian securities regulators issue statement following rescission of the Cole Memorandum

TORONTO, Jan. 12, 2018 /CNW Telbec/ – On October 16, 2017, the CSA published Staff Notice 51-352 Issuers with U.S. Marijuana-Related Activities. The notice outlined a disclosure-based approach to highlight risks facing issuers with U.S. marijuana-related activities and reflected the existence of a U.S. federal government forbearance approach (per the Cole Memorandum) to the enforcement of federal laws relating to marijuana. 

The notice indicated that we would re-examine our views in the event that the U.S. federal government’s approach were to change.

On January 4, 2018, the U.S. Attorney General rescinded all previous guidance specific to federal law enforcement relating to marijuana, including the prior approach under the Cole Memorandum.

The CSA is considering whether our disclosure-based approach for issuers with U.S. marijuana-related activities remains appropriate in light of the rescission of the Cole Memorandum. Issuers with no U.S. marijuana-related activities and that otherwise operate in compliance with applicable Canadian laws are not the focus.

We will communicate more details about our position shortly. 

The CSA, the council of securities regulators of Canada’s provinces and territories, coordinates and harmonizes regulation for the Canadian capital markets. 

 

For more information: 

Kristen Rose

Hilary McMeekin

Ontario Securities Commission

Alberta Securities Commission

416-593-2336

403-592-8186

Alison Walker

Sylvain Théberge

British Columbia Securities Commission

Autorité des marchés financiers

604-899-6713 

 514-940-2176 

Jason (Jay) Booth

Erin King

Manitoba Securities Commission

Financial and Consumer Services

204-945-1660 

Commission, New Brunswick

506-643-7045

David Harrison

Steve Dowling           

Nova Scotia Securities Commission

Government of Prince Edward Island,   

902 424-8586

Superintendent of Securities  

902-368-6288

John O’Brien

Rhonda Horte

Office of the Superintendent of Securities

Office of the Yukon Superintendent of

Newfoundland and Labrador

Securities        

709 729-4909

867-667-5466

Jeff Mason

Tom Hall

Nunavut Securities Office

Office of the Superintendent of Securities

867-975-6591

 Northwest Territories

867-767-9305

Shannon McMillan

Financial and Consumer Affairs

Authority of Saskatchewan

306-798-4160

 

SOURCE Autorité des marchés financiers