OSC puts crowdfunding on agenda for new year

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Financial Post by Barbara Shecter | December 4, 2013

The Ontario Securities Commission plans to issue a proposed crowdfunding exemption with a “registration framework” for online funding portals. The proposed exemption will be subject to a 90-day comment period from interested market participants.

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In the new year, Canada’s biggest market regulator will move ahead with a handful of new proposals for capital raising without a prospectus — including crowdfunding.

The Ontario Securities Commission plans to issue a proposed crowdfunding exemption with a “registration framework” for online funding portals. The proposed exemption will be subject to a 90-day comment period from interested market participants.

Related: How the SEC Listened to the Crowd for Crowdfunding Rules

The regulator said Wednesday it will consider other exemptions made popular in Western Canada, such as allowing friends and family and existing securities holders to purchase securities without the need for a costly prospectus vetted by regulators. The OSC will also publish an offering memorandum exemption, which will also be subject to the 90-day comment period.

Related: Crowdsourcing: Equity Crowdfunding FAQ in Canada

 

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The National Crowdfunding Association of Canada (NCFA Canada) is a cross-Canada crowdfunding hub providing education, advocacy and networking opportunities in the rapidly evolving crowdfunding industry. NCFA Canada is a community-based, membership-driven entity that was formed at the grass roots level to fill a national need in the market place. Join our growing network of industry stakeholders, fundraisers and investors. Increase your organization’s profile and gain access to a dynamic group of industry front runners. Learn more eBrochure | Prezi or contact us at casano@ncfacanada.org.

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