Mahi Sall, Advisor, Fintech-Bank Partnerships, Payments and Financial Inclusivity
January 25th, 2023
Mahi Sall is the CEO & Founder of FinXpair, a Berlin-based strategic advisory boutique firm focu[...]
Alberta and Saskatchewan securities regulators seek comment on proposed new small business financing initiative
ASC | Denise Weeres | March 25, 2021
Calgary – The Alberta Securities Commission (ASC) and the Financial and Consumer Affairs Authority of Saskatchewan (FCAA) are seeking input on a proposal designed to provide greater access to capital by start-ups and other small businesses in Alberta and Saskatchewan and broaden investment opportunities for investors in those provinces.
“Small businesses in our provinces continue to face challenging economic conditions so it’s important that we pursue new approaches to facilitate their ability to access capital while still protecting investors,” said Stan Magidson, Chair and CEO of the ASC. “We are hopeful that this proposal will help address the financing challenges of small local businesses that do not currently have the profile or growth prospects to attract the interest of venture capitalists or public capital markets,” added Roger Sobotkiewicz, Chair and CEO of the FCAA.
The proposed new small business financing prospectus exemption would allow Alberta and Saskatchewan businesses to raise up to $5 million from investors in those provinces who wouldn’t qualify to invest under other prospectus exemptions. The exemption contemplates the use of a simple, streamlined offering document with tiered offering and investment limits depending on whether financial statements are provided to investors.
See: Sep 22, 2019: NCFA Response to ASC Consultation Paper 11-701: Energizing Alberta’s Capital Market
Details of the proposal are set out in CSA Multilateral Notice and Request for Comment 45-539 Proposed Prospectus Exemption for Small Business Financing available on the websites of the ASC and the FCAA. The comment period for the proposed new prospectus exemption is open until May 7, 2021.
The CSA, the council of the securities regulators of Canada’s provinces and territories, co-ordinates and harmonizes regulation for the Canadian capital markets.
View the original release --> here
View the detailed proposal for comment --> here
ASC | Denise Weeres | Mar 25, 2021
ASC seeks comment on proposed new small business finder’s exemption
CALGARY – March 25, 2021 - The Alberta Securities Commission (ASC) is seeking input on a proposed new registration exemption for finders to help start-ups and other small businesses in Alberta with capital raising.
See: ASC Updates Raising Capital for Small Businesses Resource: Fostering Alberta’s New Economy
The proposed new small business finder’s exemption would replace ASC Blanket Order 31-505 Registration Exemption For Trades In Connection With Certain Prospectus-Exempt Distributions (known as the northwestern exemption). It will provide a more targeted exemption from the dealer registration requirement that is intended to enhance investor protection and better integrate with the existing and proposed prospectus exemptions that small businesses in Alberta can rely on.
“Small businesses are an important part of our economy. We understand that when they are raising small amounts of capital, they may not be able to attract a registered dealer to assist with the financing and may need to look to finders to help them identify potential investors,” said Stan Magidson, Chair and CEO of the ASC. “The goal of this proposed exemption is to assist Alberta small businesses address their capital raising challenges but with conditions that prioritize investor protection.”
Details of the proposal are set out in ASC Notice and Request for Comment Proposed Revocation of ASC Blanket Order 31-505 Registration Exemption For Trades In Connection With Certain Prospectus-Exempt Distributions and Replacement with Proposed ASC Blanket Order 31-536 Alberta Small Business Finder’s Exemption. The comment period for the proposed new registration exemption is open until May 7, 2021.
The ASC is the regulatory agency responsible for administering the province's securities laws. It is entrusted with fostering a fair and efficient capital market in Alberta and with protecting investors. As a member of the Canadian Securities Administrators, the ASC works to improve, coordinate and harmonize the regulation of Canada's capital markets.
View the original release --> here
View the detailed proposal for comment --> here
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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