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Competition Act

Version of section 5 from 2009-03-12 to 2019-12-03:


Marginal note:Underwriters

  •  (1) Section 45 does not apply in respect of an agreement or arrangement between persons who are members of a class of persons who ordinarily engage in the business of dealing in securities or between such persons and the issuer of a specific security, in the case of a primary distribution, or the vendor of a specific security, in the case of a secondary distribution, if the agreement or arrangement has a reasonable relationship to the underwriting of a specific security.

  • Marginal note:Definition of underwriting

    (2) For the purposes of this section, underwriting of a security means the primary or secondary distribution of the security, in respect of which distribution

    • (a) a prospectus is required to be filed, accepted or otherwise approved pursuant to a law enacted in Canada or in a jurisdiction outside Canada for the supervision or regulation of trade in securities; or

    • (b) a prospectus would be required to be filed, accepted or otherwise approved but for an express exemption contained in or given pursuant to a law mentioned in paragraph (a).

  • R.S., 1985, c. C-34, s. 5
  • 1999, c. 2, s. 2
  • 2009, c. 2, s. 408
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