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In some cross-border securitization transactions, a U.S. issuer may wish to sell securities to investors located in Canada. In these circumstances, the U.S. issuer will need to comply with the disclosure requirements under Canadian securities laws as discussed above.

Historically, many U.S. issuers satisfied the disclosure requirements under Canadian securities laws by using a “Canadian wrapper”, which was a document that wrapped around a corresponding U.S. offering document, and added the required Canadian disclosure. However, in 2015, Canadian securities regulators adopted several amendments to Canadian securities laws, with the aim of reducing the disclosure burden on foreign issuers.

Based on those amendments, a codified wrapper exemption is now available that allows a U.S. issuer to sell securities to Canadian investors on a private placement basis, without the need for a Canadian wrapper.

In order to access the wrapper exemption, a number of conditions must be satisfied, including that that the securities are primarily being offered for sale in the U.S., and that the Canadian investors are “accredited investors” as well as “permitted clients”. If all of the relevant conditions are satisfied, then the wrapper exemption provides relief from the requirement to add certain Canadian disclosure to a U.S. offering document. In particular, the wrapper exemption eliminates the need to disclose the availability of certain statutory rights of action under Canadian securities laws, and also the need to disclose certain relationships that could give rise to potential conflicts of interest between the dealers and the issuer.

It is important to note that the post-trade filings described above may need to be completed, even when relying on the wrapper exemption.

加拿大附加文件豁免

在某些跨境证券化交易中，美国发行人可能希望向位于加拿大的投资者出售证券。 在这种情况下，美国发行人将需要遵守如上期所讨论的加拿大证券法的披露要求。

过去，许多美国发行人通过使用“加拿大附加文件”来满足加拿大证券法的披露要求，该文件附属于相应的美国发行文件，并添加了所需要的加拿大披露信息。 然而，在2015 年，加拿大证券监管机构通过了多项加拿大证券法修正案，旨在减轻外国发行人的披露负担。

根据这些修正案，现在有一个成文的附加文件豁免，允许美国发行人以私募并无需加拿大附加文件的方式向加拿大投资者出售证券。

想要获得附加文件豁免，必须满足许多条件，包括证券主要在美国发售，以及加拿大投资者是"合格投资者"和"获准客户"。如果满足所有相关条件，则附加文件豁免可以免除在美国发行文件中添加某些加拿大披露的要求。特别是，附加文件豁免免除了披露加拿大证券法规定的某些法定诉讼权利的必要性，也免除了披露某些可能导致交易商与发行人之间潜在利益冲突的关系。

需要注意的是，即使是在附加文件豁免的情况下，也可能需要提交交易后的申报。