4 (1) For the purpose of the definition commercial loan in subsection 386(1) of the Act, widely distributed means
(a) in respect of debt obligations the distribution of which is exempt from the requirement to file a prospectus under the laws of Canada, a province or a jurisdiction outside Canada, that
[...]
(ii) at the time of their initial distribution, the debt obligations met at least three of the following criteria:
(C) they were distributed through a person authorized to trade in securities, and
