Under important amendments to the Securities Regulations (Details, Structure and Form of Prospectus) 1969, a reporting corporation may be exempted from providing the description of its business in a prospectus if it had already done so in its annual report in the previous year and in its quarterly reports published since the annual report, provided that all material changes are described in the prospectus. Previously, a company was required to fully describe its business in a prospectus. This exemption does not apply to initial public offerings of companies.

Similarly, the amendment also permits a reporting corporation for purposes of a prospectus to use its previously filed financial reports rather than preparing a special financial report for the prospectus.