Timely Disclosure

Timely Disclosure

Updates and Commentary on Current issues in M&A, Corporate Finance and Capital Markets

Category Archives: Crowdfunding

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New Crowdfunding Prospectus Exemption in Alberta

Posted in Crowdfunding, Prospectus Exemptions, Securities Regulatory Authorities
On October 31, 2016, the Alberta Securities Commission (ASC) adopted Multilateral Instrument 45-108 Crowdfunding (MI 45-108) which will allow small or medium sized businesses (Target Businesses) to raise more capital through crowdfunding offerings across multiple jurisdictions in Canada than is possible under ASC Rule 45-517 Prospectus Exemption for Start-up Businesses (ASC Rule 45-517) which was… Continue Reading

Crowdfunding Prospectus Exemptions for B.C. Issuers

Posted in Crowdfunding, Securities Regulatory Authorities
On May 6, 2016, the B.C. Securities Commission (Commission) adopted BC Instrument 72-505 Exemption from prospectus requirement for crowdfunding distributions to purchasers outside British Columbia (BCI 72-505).  BCI 72-505 creates an exemption from the prospectus requirement for B.C. issuers that distribute securities to purchasers resident outside of B.C. using Multilateral Instrument 45-108 Crowdfunding (MI 45-108),… Continue Reading

Comprehensive Crowdfunding Rules Published in Final Form

Posted in Crowdfunding, Distribution Exemptions, Public Offering and Exemptions, Securities, Securities Regulatory Authorities
On November 5, 2015 securities regulatory authorities in Manitoba, Ontario, Quebec, New Brunswick and Nova Scotia (Participating Jurisdictions) published in final form the long awaited crowdfunding regime: Multilateral Instrument 45-108 Crowdfunding (Crowdfunding Regime) which includes a crowdfunding prospectus exemption (Crowdfunding Exemption) and a registration framework for funding portals. The Crowdfunding Regime is set to come into… Continue Reading

Certain Canadian Securities Regulators to Adopt Start-Up Crowdfunding Exemptions

Posted in Corporate Finance, Crowdfunding, CSA, Public Offering and Exemptions, Securities Regulatory Authorities
In recent years, crowdfunding has proven an exceptionally popular and efficient means by which individuals and companies make use of the internet to attract investors for a variety of purposes. The traditional model generally involves a large number of individuals contributing small sums of money to finance specific ideas or projects. Increasingly, however, equity crowdfunding… Continue Reading

Equity Crowdfunding Rules Expected in Summer 2015

Posted in Corporate Finance, Crowdfunding, OSC, Securities Regulatory Authorities
In a release issued today, the Ontario Securities Commission advised that the participating jurisdictions of the Canadian Securities Administrators are still reviewing the comments received on a proposed crowdfunding regime and an offering memorandum prospectus exemption.   In its release, the OSC stated that its goal is to publish proposed rules regarding these matters either in final… Continue Reading

Equity Crowdfunding – BCSC Requests Comments on Possible Start-Up Crowdfunding Exemption

Posted in BCSC, Crowdfunding, Distribution Exemptions, Securities Regulatory Authorities
The British Columbia Securities Commission (BCSC) has issued a notice dated March 20, 2014 requesting comments on whether the BCSC should consider adopting an exemption which would allow equity financings of small amounts raised from many individuals (as a form of Crowdfunding) through online portals (Portals) to be exempt from the prospectus requirements.  The notice… Continue Reading

Equity Crowdfunding: The OSC Crowdfunding Exemption

Posted in Crowdfunding, CSA, Distribution Exemptions, Securities, Securities Regulatory Authorities
On March 20, 2014, the Ontario Securities Commission (OSC) published a Notice and Request for Comment proposing four new capital raising prospectus exemptions in Ontario.  As previously discussed in Timely Disclosure, the OSC initiated a consultation process in December 2013 to consider prospectus  exemptions to facilitate capital raising. One of the new exemptions proposed is the crowdfunding… Continue Reading

Equity Crowdfunding: The CSA Crowdfunding Portal Requirements

Posted in Crowdfunding, CSA, Distribution Exemptions, Securities, Securities Regulatory Authorities
The Autorité des marchés financiers (Québec), the Financial and Consumer Affairs Authority of Saskatchewan, Financial and Consumer Services Commission of New Brunswick, the Manitoba Securities Commission and the Nova Scotia Securities Commission (CSA Participating Jurisdictions) published on March 20, 2014 for a 90-day comment period the integrated Crowdfunding Prospectus Exemption (Crowdfunding Exemption); and the draft… Continue Reading

Equity Crowdfunding: The CSA Crowfunding Exemption

Posted in Crowdfunding, CSA, Distribution Exemptions, Securities, Securities Regulatory Authorities
The Autorité des marchés financiers (Québec), the Financial and Consumer Affairs Authority of Saskatchewan, Financial and Consumer Services Commission of New Brunswick, the Manitoba Securities Commission and the Nova Scotia Securities Commission (CSA Participating Jurisdictions) published on March 20, 2014 for a 90-day comment period the integrated Crowdfunding Prospectus Exemption (Crowdfunding Exemption); and the draft… Continue Reading

Equity Crowdfunding: The CSA Start-up Exemption

Posted in Crowdfunding, CSA, Distribution Exemptions, Securities Regulatory Authorities
The Autorité des marchés financiers (Québec), the Financial and Consumer Affairs Authority of Saskatchewan, Financial and Consumer Services Commission of New Brunswick, the Manitoba Securities Commission and the Nova Scotia Securities Commission (CSA Participating Jurisdictions) published on March 20, 2014 for a 90-day comment period the integrated Crowdfunding Prospectus Exemption (Crowdfunding Exemption); and the draft… Continue Reading