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  • Supplementary Whitepaper

    • CRA-15.1.40

      Where a digital token issuer or digital token advisor becomes aware of new facts which have a significant influence on the investment decision, after the whitepaper has been approved by the CBB, but before the closing of the offer period, the digital token issuer must immediately notify the CBB and furnish a supplementary whitepaper to the CBB. At a minimum, a supplementary whitepaper must be filed with the CBB, upon occurrence of the following:

      (a) A matter has arisen, and information in respect of that matter would have required by these Rules to be disclosed in the whitepaper if the matter had arisen at the time the whitepaper was prepared;
      (b) There has been a material change affecting a matter disclosed in the whitepaper;
      (c) The whitepaper contains a statement or information that is false or misleading;
      (d) The whitepaper contains a statement or information from which there is a material omission; or
      (e) Where the assumptions based upon which the project or business proposition, the due diligence, or market feasibility were made are no longer valid or reliable.
      Added: April 2023

    • CRA-15.1.41

      Where a digital token issuer files a supplementary whitepaper with the CBB, it must immediately inform investors about the filing of a supplementary whitepaper by announcing it on the digital token advisor’s platform, as well as on its own website.

      Added: April 2023

    • CRA-15.1.42

      The changes made in the amended whitepaper shall not extend the six-month time limit referred to in Paragraph CRA-15.1.39, unless approved by the CBB.

      Added: April 2023

    • CRA-15.1.43

      A supplementary whitepaper must conform to the following requirements:

      (a) The order of the information appearing in the supplementary whitepaper must be consistent with that of the original whitepaper;
      (b) Clear identification of the items/paragraphs it supplements or replaces;
      (c) A statement that it is to be read in conjunction with the original whitepaper; and
      (d) A responsibility statement from the Board of Directors of the digital token issuer.
      Added: April 2023

    • CRA-15.1.44

      The CBB shall make its decision with respect to the supplementary whitepaper, subject to any required changes, within 15 working days from receipt of all necessary documents and information complete in all aspects.

      Added: April 2023

    • CRA-15.1.45

      The supplementary whitepaper must be published and disseminated in manner as the original whitepaper. The document must contain the word “Supplementary Whitepaper” on the first page and describe the changes in relation to the original whitepaper.

      Added: April 2023

    • CRA-15.1.46

      An investor may withdraw subscription following publication of supplementary whitepaper. The withdrawals period of the subscription must be no less than six (6) business days from the date of publication of the supplementary whitepaper and the refund amount comprising the purchase price paid and any other charges imposed at the time of purchase of the digital token must be made within 5 business days from the date of refund request. No fee must be charged to the investor for the refund.

      Added: April 2023