A letter from Mr. Louis Morisett, Chair of the CSA of May 8, 2019 in response to FAIR Canada’s letter of May 6, 2019.


Montreal, May 8, 2019

Canadian Foundation for Advancement of Investor Rights FAIR

36 King Street East

Toronto, Ontario

M5C 382



Attn: Mr. Ermanno Pascutto

Executive Director


Dear Mr. Pascutto,

We acknowledge receipt and thank you for your letter dated May 6, 2019 expressing your concerns with the exemptive relief granted to Bombardier Inc. and its executives and proposing changes in respect of automated sales plan exemptions.

We wish to inform you that the CSA members had already initiated a process to reexamine automated sales plan exemptions. Your letter will be shared with the relevant CSA committee to help inform their discussions.

Once again, we thank you for providing your views on this important matter. We are always thankful to receive feedback from stakeholders.

Yours Very Truly,

Louis Morisset

Chair, Canadian Securities Administrators

President and Chief Executive Officer, Autorite des marches financiers

Cc: CSA Chairs