The Ontario Securities Commission recently published a report summarizing capital raising activity by issuers in Ontario’s exempt market. Findings from the report include:
- increased activity in 2016
- significant participation from foreign issuers, including the U.S.
- no reported use of Ontario’s new crowdfunding rule
In June 2017, the Ontario Securities Commission (the “OSC”) published OSC Staff Notice 45-715 2017 Ontario Exempt Market Report (the “Report”), which summarizes capital raising activity in Ontario’s exempt market (i.e. financings made other than by way of a prospectus).
The Report is a useful resource for businesses looking to raise capital from Canadian investors, including businesses … Continue Reading
Introduction and Legislative History
After a lengthy review process beginning in 2013, the Ontario Securities Commission (the “OSC”) along with provincial securities regulators from Quebec, Manitoba, Nova Scotia and New Brunswick (with Ontario, the “Participating Jurisdictions”), have finalized amendments introducing a crowdfunding prospectus exemption and a regulatory framework for crowdfunding portals. This new crowdfunding regime (the “45-108 Regime”) will, subject to provincial Ministerial approvals, come into force on January 25, 2016 via Multilateral Instrument 45-108 (“MI 45-108”). For the OSC’s bulletin which includes Multilateral Instrument 45-108, click here. Saskatchewan, which participated in the drafting of MI 45-108, has also … Continue Reading
On May 14, 2015, six provincial securities regulators (British Columbia, Saskatchewan, Manitoba, Quebec, New Brunswick and Nova Scotia, and together, the “Participating Jurisdictions”) announced the implementation of substantially harmonized equity crowdfunding exemptions through Multilateral CSA Notice 45-316 – Start-up Crowdfunding Registration and Prospectus Exemptions (the “Notice”). Each Participating Jurisdiction has implemented the rules mentioned in the Notice by publishing a separate instrument, rule or blanket ruling. The new rules permit start-up and early stage companies in the Participating Jurisdictions to raise capital without having to comply with the prospectus requirement (the “Start-up Prospectus Exemption”) … Continue Reading