Category Archives: Venture funding Best Practices

Alberta and Saskatchewan securities regulators seek comment on proposed new exemption designed to facilitate access to capital

ASC | Denise Weeres | Nov 20, 2020

female investor - Alberta and Saskatchewan securities regulators seek comment on proposed new exemption designed to facilitate access to capital

Calgary – The Alberta Securities Commission (ASC) and the Financial and Consumer Affairs Authority of Saskatchewan (FCAA) are seeking input on a proposed new prospectus exemption designed to provide greater access to capital for Alberta and Saskatchewan businesses and broaden investment opportunities for Alberta and Saskatchewan investors.

“As our provinces are dealing with the economic impact of the pandemic, we are looking for new ways to better facilitate access to capital, while still protecting investors,” said Roger Sobotkiewicz, Chair and CEO of the FCAA. “Efforts are being taken to adapt our existing industries and diversify our economies. By innovating as regulators we can help support the growth of the innovation economy,” added Stan Magidson, Chair and CEO of the ASC.”

 

The proposed new self-certified investor prospectus exemption would allow investment by investors who certify to having certain financial and investing experience and education, and acknowledge certain investment considerations and risks. To reduce the risks to investors, investments would be limited in a 12-month period to $10,000 in any one business and $30,000 across multiple businesses.

See: 

ASC Updates Raising Capital for Small Businesses Resource: Fostering Alberta’s New Economy

ASC adopts Start-up Crowdfunding Blanket Order

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 45-327 Proposed Prospectus Exemption for Self-Certified Investors available on the websites of the ASC and the FCAA. The comment period for the proposed new prospectus exemption is open until December 23, 2020.

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 release:  here

Comments are to be submitted by Dec 23, 2020

View the Self-Certified Investor prospectus exemption --> here

 


NCFA Jan 2018 resize - Alberta and Saskatchewan securities regulators seek comment on proposed new exemption designed to facilitate access to capital 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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Luge Capital Canadian InsurTech Report & Event

Luge Capital | Gisele Karekezi | Nov 18, 2020

BookMockUp Luge 1200x628 002 - Luge Capital Canadian InsurTech Report & Event

Luge Capital just released our Status of the Canadian InsurTech Landscape report today. It is an in-depth analysis of InsurTech technology trends, startup activities, venture funding as well as Luge’s perspective on future innovation and investment opportunities in the Canadian insurance industry.

You can check out the report HERE.

Luge Insurtech Image Social 1200x628 R04 002 - Luge Capital Canadian InsurTech Report & Event

We are also hosting a webinar event to dig deeper into InsurTech investment trends and future opportunities with speakers from Liberty Mutual Strategic Ventures, Anthemis Group, Manulife Capital Ventures and Eos Venture Partners on December 1st, 4pm ET.

We would love to have you join us. Register

 

 


NCFA Jan 2018 resize - Luge Capital Canadian InsurTech Report & Event 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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Capitalism must be saved by capitalists, argue these pioneering ESG investors

Fortune |Katherine Dunn | Nov 15, 2020

Rise of citizen capital - Capitalism must be saved by capitalists, argue these pioneering ESG investorsWhen Michael O’Leary and Warren Valdmanis first met at Bain Capital’s offices in Asia, both were more or less conventional members of the finance profession. And yet, years later, they would become the coauthors of a book arguing that American-style capitalism—including a “meatheaded” obsession with short-term profits—is doing dire damage. Our economic system, they argue, urgently needs a reboot.

In their recent book, Accountable: The Rise of Citizen Capitalism, they argue that Adam Smith–style invisible hand capitalism is ineffective—and out of date—and that companies need to reorient themselves to serve more than just shareholders (which, by the way, they don’t think are being served particularly well, either).

See:  Fintech Fridays EP45: Mission-driven and Consumer-centric Financial Services

Both authors, who were on the founding team behind Bain’s first social impact investing fund under former Massachusetts Gov. Deval Patrick, spoke to Fortune about the rise of ESG (environmental, social, and governance) investing, the divestment moveme

nt (and whether it actually works), the Business Roundtable’s pledge to end shareholder primacy, and where companies—and investors—can be the most effective.

This interview has been condensed and edited for clarity.

You talk a lot in the book about the skepticism or the outright cynicism regular people—but especially people in the investment world—have toward ESG and socially responsible investing. Was that the place that you guys started from?

Valdmanis: I admit that I was skeptical. I was schooled in this Adam Smith invisible hand idea, that if you just go about your business of creating more valuable companies and creating shareholder value, that’s going to have knock-on effects that are positive for the world. So I didn’t feel this need to add a social adjective in front of it. But I swiftly realized a couple of things through the effort with Governor Patrick.

“You have an economy where the buck is passed around and around and around until, poof, it disappears.”  Michael o’Leary, coauthor of accountable

The first is that the invisible hand [idea] is a really attractive one, but it doesn’t always work that way. I think, frankly, even Adam Smith, if you read his work closely, you realize that he didn’t even intend the way it’s currently understood and used. But furthermore, I also realized, there is enormous potential at the intersection of the social and the commercial. I think that we have this meatheaded short-term-ism in our economy that prevents even businesses from realizing what’s in their long-term best interests sometimes.

See:  OECD Report Outlines Challenges Facing ESG Investing

O’Leary: I don’t think we recognized going in how that generational difference really shows up in a lot of people’s fundamental views around capitalism. You look at the portion of millennials and Gen Z who approve of capitalism or have a favorable view of capitalism, that’s fallen from two-thirds in 2010, to just about half today. And I think millennials just approach these questions with a different view. You ask folks, “Is sustainability or ESG important to investing?” And nine out of 10 millennials will say, “Yes, of course you should be thinking about environmental and social issues in your investment portfolio.” And 40% of baby boomers, maybe less, will agree. And so I think you approach the question from a slightly different angle—I think with less skepticism—when you’re of a younger generation.

“I think that we have this meatheaded short-term-ism in our economy that prevents even businesses from realizing what’s in their long-term best interests sometimes.”  warren valdmanis, coauthor of Accountable

I was struck in the book how you talk about what you call this “rational hypocrisy” that companies have to deal with.

O’Leary: If you’re a CEO today, you’ve got demands from shareholders to maximize profits; you’ve got demands from all of your stakeholders to do good things for people. And when you’re faced with these conflicting demands, it’s much easier to fake good works than it is to fake good returns. So as a result, they exhibit a sort of rational hypocrisy, where they say different things to different audiences. The best evidence of this would be all the companies out there that issue two different annual reports: a 10-K and then a corporate social responsibility report, or a sustainability report, for all their stakeholders. And oftentimes, there’s no relationship between the two.

Video:  Purpose-driven finance (Chris Skinner at FFCON20)

I look at the crisis of trust we have in our economy where three-quarters of people don’t trust Big Business; people don’t trust corporate executives. So you roll back the clock to last December, before the pandemic hit. And in some ways it’s so easy when you’re in the 11th year of an economic boom for CEOs to say, “No, we’re good for shareholders; we’re good for stakeholders; we’re good for workers; we’re good for everyone.” The opportunity that the pandemic gave business leaders is in times of crisis—that’s when they can actually show what they meant in their commitments. And they can show that when they said their workers are the most important thing about their business…Prove it.

Continue to the full article --> here

 


NCFA Jan 2018 resize - Capitalism must be saved by capitalists, argue these pioneering ESG investors 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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SEC Chair Clayton to exit, giving Biden early chance to name key regulator

Politico | Kellie Mejdrich | Nov 16, 2020

Jay clayton stepping down from SEC chair - SEC Chair Clayton to exit, giving Biden early chance to name key regulatorUnder the SEC’s rules, it is up to the president to appoint an interim chair when the commission chair leaves

SEC Chair Jay Clayton plans to leave the commission at the end of the year, departing from the market regulator about six months before his term is up, the agency announced Monday morning.

Clayton's departure will be among the first of what will be a wave of exits from the Trump administration as Joe Biden is sworn in as the new president. Under the SEC’s rules, it is up to the president to appoint an interim leader when the commission chair leaves.

“Working alongside the incredibly talented and driven women and men of the SEC has been the highlight of my career,” Clayton, an independent who was sworn in on May 4, 2017, for a five-year term, said in a statement.

See:

SEC chair: perhaps all stocks could become blockchain tokens

Statement on Modernization of the Accredited Investor Definition

SEC Votes to Approve Changes to Regulation Crowdfunding Increasing the Maximum Raise to $5 Million


The announcement did not say where Clayton is headed next. But his departure was expected after he told the House Financial Services Committee this summer that he wanted to return to New York. That was shortly after President Donald Trump announced his intention to nominate him to be U.S. Attorney for the Southern District of New York.

That appointment never happened, as Geoffrey Berman, then-U.S. attorney for the Southern District, refused to step down. The political flap was resolved when Berman was replaced by his deputy.

Clayton came to the SEC after more than two decades working at the Wall Street powerhouse firm Sullivan & Cromwell, representing banks such as Goldman Sachs. During his tenure at the regulator, he was criticized by Democrats for taking a light touch on enforcement and for expanding U.S. capital markets to include broader allowances for private offerings and proposing to dramatically cut down disclosures for many hedge funds.

Clayton also drew fire from Democrats for his approach to implementing a call in the landmark Dodd-Frank law to heighten an investment advice standard to avoid conflicts of interest among broker-dealers. Detractors said it did not apply the highest fiduciary standard of care that is followed by registered investment advisers.

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Despite the criticism of his time at the market regulator, the total of 3,152 enforcement cases brought under Clayton's chairmanship was actually higher than that of former SEC Chair Mary Jo White — a onetime federal prosecutor and appointee of President Barack Obama — during her tenure from 2013 to 2017.

Clayton also guided the SEC as it stepped into major legal fights during an unprecedented era of celebrity venture capitalist activity. The agency sued Elon Musk over tweets about taking his electric car maker Tesla private, and went after Elizabeth Holmes's blood testing company, Theranos. Both cases resulted in tough consequences for the executives, though some critics said the penalties involved were not harsh enough.

Continue to the full article --> here

 


NCFA Jan 2018 resize - SEC Chair Clayton to exit, giving Biden early chance to name key regulator 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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Book Launch (Nov 17, 2020): The Technological Revolution in Financial Services: How Banks, Fintechs, and Customers Win Together

Michael King | Nov 16, 2020

Tech Revolution in Financial Services book cover - Book Launch (Nov 17, 2020):  The Technological Revolution in Financial Services: How Banks, Fintechs, and Customers Win Together

The financial services industry is being transformed by heightened regulation, technological disruption, and changing demographics. These structural forces have lowered barriers to entry, increasing competition from within and outside the industry, in the form of entrepreneurial fintech start-ups to large, non-financial technology-based companies.

The Technological Revolution in Financial Services is an invaluable resource for those eager to understand the evolving financial industry. This edited volume outlines the strategic implications for financial services firms in North America, Europe, and other advanced economies. The most successful banks, insurance companies, and asset managers will partner with financial technology companies to provide a better and more innovative experience services to retail customers and small businesses. Ultimately this technological revolution will benefit customers and lead to a more open and inclusive financial system.

Book Launch Webinar

Nov 17, 2020 03:00 PM

Free to register --> here


NCFA Jan 2018 resize - Book Launch (Nov 17, 2020):  The Technological Revolution in Financial Services: How Banks, Fintechs, and Customers Win Together 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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Value investing is struggling to remain relevant

The Economist | Nov 2020

Book value in an intangibles world - Value investing is struggling to remain relevantThe main reason is the inexorable rise of hard-to-analyse intangible assets

IT IS NOW more than 20 years since the Nasdaq, an index of technology shares, crashed after a spectacular rise during the late 1990s. The peak in March 2000 marked the end of the internet bubble. The bust that followed was a vindication of the stringent valuation methods pioneered in the 1930s by Benjamin Graham, the father of “value” investing, and popularised by Warren Buffett.

For this school, value means a low price relative to recent profits or the accounting (“book”) value of assets. Sober method and rigour were not features of the dotcom era. Analysts used vaguer measures, such as “eyeballs” or “engagement”. If that was too much effort, they simply talked up “the opportunity”.

See:  How to Build Canada’s Competitiveness Amidst the Rise of an Intangibles Economy and Greater Geopolitical Complexity

Plenty of people sense a replay of the dotcom madness today. For much of the past decade a boom in America’s stockmarket has been powered by an elite of technology (or technology-enabled) shares, including Apple, Alphabet, Facebook, Microsoft and Amazon. The value stocks favoured by disciples of Graham have generally languished. But change may be afoot.

In the past week or so, fortunes have reversed. Technology stocks have sold off. Value stocks have rallied, as prospects for a coronavirus vaccine raise hopes of a quick return to a normal economy. This might be the start of a long-heralded rotation from overpriced tech to far cheaper cyclicals—stocks that do well in a strong economy. Perhaps value is back.

This would be comforting. It would validate a particular approach to valuing companies that has been relied upon for the best part of a century by some of the most successful investors.

But the uncomfortable truth is that some features of value investing are ill-suited to today’s economy. As the industrial age gives way to the digital age, the intrinsic worth of businesses is not well captured by old-style valuation methods, according to a recent essay by Michael Mauboussin and Dan Callahan of Morgan Stanley Investment Management.

The job of stockpicking remains to take advantage of the gap between expectations and fundamentals, between a stock’s price and its true worth. But the job has been complicated by a shift from tangible to intangible capital—from an economy where factories, office buildings and machinery were key to one where software, ideas, brands and general know-how matter most.

The way intangible capital is accounted for (or rather, not accounted for) distorts measures of earnings and book value, which makes them less reliable metrics on which to base a company’s worth. A different approach is required—not the flaky practice of the dotcom era but a serious method, grounded in logic and financial theory. However, the vaunted heritage of old-school value investing has made it hard for a fresher approach to gain traction.

See:  [Report] A New North Star: Canadian Competitiveness in an Intangibles Economy

In their book “Capitalism Without Capital” Jonathan Haskel and Stian Westlake provided a useful taxonomy, which they call the four Ss: scalability, sunkenness, spillovers and synergies. Of these, scalability is the most salient. Intangibles can be used again and again without decay or constraint. Scalability becomes turbo-charged with network effects.

The more people use a firm’s services, the more useful they are to other customers. They enjoy increasing returns to scale; the bigger they get, the cheaper it is to serve another customer. The big business successes of the past decade—Google, Amazon and Facebook in America; and Alibaba and Tencent in China—have grown to a size that was not widely predicted. But there are plenty of older asset-light businesses that were built on such network effects—think of Visa and Mastercard. The result is that industries become dominated by one or a few big players. The same goes for capital spending. A small number of leading firms now account for a large share of overall investment (see chart 3).

The nature of intangible assets makes this a tricky calculation. But worthwhile analysis is usually difficult. “You can’t abdicate your responsibility to understand the magnitude of investment and the returns to it,” says Mr Mauboussin. Old-style value investors emphasise the steady state but largely ignore the growth-opportunities part. But for a youngish company able to grow at an exponential rate by exploiting increasing returns to scale, the future opportunity will account for the bulk of valuation. For such a firm with a high return on investment, it makes sense to plough profits back into the firm—and indeed to borrow to finance further investment.

The economy has changed. The way investors think about valuation has to change, too.

Continue to the full article --> here

 


NCFA Jan 2018 resize - Value investing is struggling to remain relevant 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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The Investments Most of Us Can’t Buy

CATO Institute | Jennifer J. Schulp and Caleb O. Brown | Nov 11, 2020

accredited investor - The Investments Most of Us Can’t Buy

Regular folks don’t have access to a vast array of investments, and that’s because of Securities and Exchange Commission rules. Why is that? Jennifer Schulp explains.

"Jennifer Schulp says that it is time for the SEC to give Americans the freedom to choose their investments. As it stands, the accredited investor definition decreases community investment and restricts the market."

Continue to the full article --> here

 

 


NCFA Jan 2018 resize - The Investments Most of Us Can’t Buy 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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