71 (1) A dealer not acting as agent of the purchaser who receives an order or subscription for a security offered in a distribution to which subsection 53 (1) or section 62 is applicable shall, unless the dealer has previously done so, send by prepaid mail or deliver to the purchaser the latest prospectus and any amendment to the prospectus filed either before entering into an agreement of purchase and sale resulting from the order or subscription or not later than midnight on the second day, exclusive of Saturdays, Sundays and holidays, after entering into such agreement. R.S.O. 1990, c. S.5, s. 71 (1). Same, investment fund securities (1.1) Subsection (1) does not apply to the dealer in respect of a purchase and sale of an investment fund security offered in a distribution described in that subsection if the regulations prescribe a disclosure document that is required in respect of the purchase and sale and the time and manner in which the disclosure document is to be sent or delivered to a purchaser. 2011, c. 9, Sched. 38, s. 2 (1). Exchange traded funds (1.2) Subsection (1) does not apply in respect of a distribution of a prescribed investment fund security trading on an exchange or an alternative trading system. 2014, c. 7, Sched. 28, s. 4 (1). Obligation to deliver prospectus (1.3) A dealer acting as agent of the purchaser who receives an order from the purchaser for a purchase of a prescribed investment fund security trading on an exchange or an alternative trading system shall send or deliver to the purchaser a prescribed disclosure document in accordance with the regulations. 2014, c. 7, Sched. 28, s. 4 (1). Withdrawal from purchase (2) An agreement of purchase and sale referred to in subsection (1) is not binding upon the purchaser if the dealer from whom the purchaser purchases the security receives written or telegraphic notice evidencing the intention of the purchaser not to be bound by the agreement of purchase and sale not later than midnight on the second day, exclusive of Saturdays, Sundays and holidays, after receipt by the purchaser of, (a) the latest prospectus and any amendment to the prospectus; or (b) the prescribed disclosure document referred to in subsection (1.1). 2011, c. 9, Sched. 38, s. 2 (2). Same, exchange traded funds (2.1) A purchase referred to in subsection (1.3) is not binding on the purchaser in the circumstances prescribed by the regulations. 2014, c. 7, Sched. 28, s. 4 (2). Application of subs. (2) (3) Subsection (2) does not apply if the purchaser is a registrant or if the purchaser sells or otherwise transfers beneficial ownership of the security referred to in subsection (2), otherwise than to secure indebtedness, before the expiration of the time referred to in subsection (2). R.S.O. 1990, c. S.5, s. 71 (3). Time of receipt (4) For the purpose of this section, where the latest prospectus, any amendment to the prospectus or the prescribed disclosure document referred to in subsection (1.1) or (1.3) is sent by prepaid mail, it shall be deemed conclusively to have been received in the ordinary course of mail by the person or company to whom it was addressed. 2011, c. 9, Sched. 38, s. 2 (3); 2014, c. 7, Sched. 28, s. 4 (3). Receipt of prospectus, disclosure document by agent (5) The receipt of the latest prospectus, any amendment to the prospectus or the prescribed disclosure document referred to in subsection (1.1) by a dealer who is acting as agent of or who thereafter commences to act as agent of the purchaser with respect to the purchase of a security to which subsection (1) or (1.1) applies shall, for the purpose of this section, be receipt by the purchaser as of the date on which the agent received such latest prospectus, amendment to the prospectus or prescribed disclosure document, as the case may be. 2011, c. 9, Sched. 38, s. 2 (3). Receipt of notice by agent (6) The receipt of the notice referred to in subsection (2) by a dealer who acted as agent of the vendor with respect to the sale of the security referred to in subsection (1) shall, for the purpose of this section, be receipt by the vendor as of the date on which the agent received such notice. R.S.O. 1990, c. S.5, s. 71 (6). Dealer as agent (7) For the purpose of this section, except subsection (1.3), a dealer shall not be considered to be acting as agent of the purchaser unless the dealer is acting solely as agent of the purchaser with respect to the purchase and sale in question and has not received and has no agreement to receive compensation from or on behalf of the vendor with respect to the purchase and sale. R.S.O. 1990, c. S.5, s. 71 (7); 2014, c. 7, Sched. 28, s. 4 (4). Onus of proof (8) The onus of proving that the time for giving notice under subsection (2) has expired is upon the dealer from whom the purchaser has agreed to purchase the security. R.S.O. 1990, c. S.5, s. 71 (8). Section Amendments with date in force (d/m/y) 2011, c. 9, Sched. 38, s. 2 (1-3) - 01/09/2013 2014, c. 7, Sched. 28, s. 4 (1-4) - 10/12/2018 Part XVII   Exemptions from the Prospectus requirement