See Chinese version below [中文版参阅下文]
In addition to disclosure and filing requirements, Canadian securities laws also include requirements for issuers to sell their securities through registered dealers. If an issuer is in the “business of trading in securities”, which is a factual determination, then the issuer will need to retain one or more registered dealers in Canada to broker the sale of its securities, or rely on a dealer registration exemption.
In the context of cross-border securitization transactions, Canadian issuers often engage U.S. dealers to participate in the offering. As noted above, any U.S. dealer involved in the sale of securities by a Canadian issuer in Canada needs to either be (i) registered as a dealer in the province where it proposes to make sales of the securities, or (ii) relying on an exemption from the dealer registration requirement in such province.
When selling securities of a non-Canadian issuer by way of private placement into Canada, most U.S. dealers rely on what is known as the “international dealer exemption”. Under that exemption, a U.S. broker-dealer can only sell to “accredited investors” that are also “permitted clients” and that purchase the securities as principal. A U.S. dealer that relies on this exemption is required to file a form with the applicable Canadian securities regulators, submitting to the jurisdiction of such securities regulators, and appointing an agent for service of process.
In addition, U.S. dealers can also rely on the “international dealer exemption” to participate in certain issuances of debt securities in Canada (including asset-backed securities) by Canadian issuers. The dealer registration requirement does not apply in connection with an offering of a debt security of a Canadian issuer to a “permitted client”, if the debt security is denominated in Canadian dollars, or (if not denominated in Canadian dollars) it was originally offered in a primarily non-Canadian jurisdiction and a prospectus with respect to such security was not filed with a Canadian securities regulator.
Conclusion
McCarthy Tétrault LLP has significant experience in structuring and executing cross-border securitization transactions, and would be pleased to assist you in navigating through the legal considerations underlying such transactions.
国际经销商豁免
除了披露和备案要求外，加拿大证券法还包括发行人通过注册交易商出售证券的要求。如果发行人从事"证券交易业务"，这是一个事实认定，那么发行人将需要在加拿大聘请一个或多个注册交易商来代理其证券的销售，或依赖交易商注册豁免。
在跨境证券化交易的背景下，加拿大发行人经常聘请美国交易商参与发行。如上所述，任何参与加拿大发行人在加拿大销售证券的美国交易商都需要（i）在其提议销售证券的省份注册为交易商，或（ii）依靠于该省有关交易商的注册要求豁免。
当通过私募方式向加拿大出售非加拿大发行人的证券时，大多数美国交易商依赖所谓的"国际交易商豁免"。根据该豁免，美国交易商只能向法定的"合格投资者" （“accredited investors”）与“被认可投资者”出售，并且投资者必须是以委托人身份购买证券。依赖此豁免的美国交易商必须向适用的加拿大证券监管机构提交一份表格，接受此类证券监管机构的司法管辖，并指定一名送达程序的代理人。
此外，美国交易商还可以依靠"国际交易商豁免"参与加拿大发行人在加拿大发行的某些债务证券（包括资产支持证券）。如果债务证券以加元计价，或者（如果债务证券不以加元计价），债务证券最初主要在非加拿大司法管辖区发行，并且未向加拿大证券监管机构提交有关此类证券的招股说明书，则交易商注册要求不适用于向"被认可投资者"发行加拿大发行的债务证券。
结论
麦启泰律师事务所在构建和执行跨境证券化交易方面拥有丰富的经验，并且乐于协助您了解此类交易背后的法律考虑因素。
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