Karsten Wenzlaff, Advisor
August 26th, 2025
Karsten Wenzlaff is a Crowdfunding and Fintech Expert from Germany. He is Secretary-General of Digit[...]
[OSC Webinar Oct 15]: Capital Raising Opportunities and Regulatory Innovation in Ontario
September 29, 2026 | NCFA Event Spotlight | Capital Formation And Venture Markets, Regulation And Policy, Competition And Market Structure
October 15 Session, Financing Limits And Issuer Rule Reviews
On October 15, 2026, the Ontario Securities Commission will host Capital Raising Opportunities and Regulatory Innovation in Ontario, a 90 minute webinar on how businesses can raise capital across Ontario's private and public markets. The session comes while the OSC is looking at where companies encounter financing gaps or regulatory obstacles as they move from startup through maturity.
The webinar runs from 10:00 to 11:30 a.m. Eastern with the OSC staff covering the Listed Issuer Financing Exemption (LIFE), the Well Known Seasoned Issuer (WKSI) regime, prospectus exemptions, streamlined reporting requirements and cross border capital raising arrangements with regulators in France and Hong Kong. A final panel focuses on how evidence from issuers, founders, dealers, investors and advisors informs OSC capital formation initiatives.
Event Overview
Event: Capital Raising Opportunities and Regulatory Innovation in Ontario
Host: the Ontario Securities Commission
Date: October 15, 2026
Time: 10:00–11:30 a.m. ET
Format: Webinar
Registration: Register for the OSC webinar
Agenda
- 10:00–10:15: Ontario capital markets, trends and the OSC's role, with Chief Economist and VP Paul Redman
- 10:15–10:45: LIFE, WKSI, prospectus exemptions, streamlined reporting and cross border capital raising, led by Corporate Finance VP Marie-France Bourret and moderated by McMillan partner Leila Rafi
- 10:45–11:15: Accessing growth capital and how market evidence informs OSC initiatives, with Economic Growth and Innovation VP Benjamin Matthews and Trading and Markets Senior Legal Counsel Gloria Tsang, moderated by Blakes partner Christopher Jones
- 11:15–11:30: Audience Q&A
LIFE, WKSI And Growth Capital On The Agenda
The agenda covers several points where financing can become easier or more difficult as a company grows. LIFE gives eligible listed issuers a lighter route to public capital. WKSI can simplify access for larger, established issuers. Prospectus exemptions provide other routes, while streamlined reporting can affect how much time and money companies spend meeting securities requirements.
LIFE provides a useful example of why regulatory design matters. In May 2025, regulators expanded Canada's Listed Issuer Financing Exemption, raising the financing limit from C$10 million to C$25 million, or as much as C$50 million for larger issuers, subject to conditions. Hundreds of issuers subsequently raised about C$3.7 billion during the first year under the higher limits, roughly eight times the previous pace.
The CSA is now proposing to make those higher limits permanent, with comments due October 21. Higher limits don't prove that regulation caused every additional financing, but issuers clearly used the added capacity. That gives the OSC webinar a concrete example to work from when discussing which rules facilitate capital raising and which may constrain it.
The international agreements with France and Hong Kong add another angle. For companies capable of raising beyond Canada, the issue isn't only how much capital is available domestically. It is also how efficiently an Ontario issuer can reach investors and markets elsewhere without duplicating unnecessary regulatory work.
Where Does Financing Stop Working For Growing Companies?
The OSC's Office of Economic Growth and Innovation is looking across the financing continuum rather than at one exemption or company stage. An early stage company may raise its first outside capital and still struggle when it needs a much larger round. A listed company may have more financing routes but face costs, disclosure requirements or eligibility rules that make some of them impractical.
Canada's recent SME financing gaps evidence shows why formal access and usable access aren't always the same thing. A funding route can exist and still fail to meet the size, cost or timing a growing company needs.
Canada's recent SME financing gaps evidence shows why formal access and usable access aren't always the same thing. A funding route can exist and still fail to meet the size, cost or timing a growing company needs.
Equity crowdfunding offers a specific example. Canada's NI 45-110 startup crowdfunding exemption remains capped at C$1.5 million over 12 months, while NCFA has advocated a C$5 million or higher issuer cap for years. Recent Canadian offerings have also pushed close to the existing C$1.5 million ceiling.
Other markets allow substantially larger raises.
- The EU crowdfunding regime permits up to €5 million over 12 months, while the EU's wider prospectus exemption now reaches €12 million, although member states can apply a €5 million threshold instead. EU crowdfunding and prospectus thresholds provide the regulatory detail.
- In the U.S., Regulation Crowdfunding permits up to US$5 million over 12 months.
- The SEC is also considering a petition to change Regulation Crowdfunding limits, while its separate 2026 Regulation Crypto Assets proposal would create tailored exemptions of up to US$5 million over four years and US$75 million in any 12 month period for certain crypto investment contracts.
The OSC hasn't included equity crowdfunding as part of the webinar, but the Canadian investment crowdfunding issuer cap illustrates the policy question well. When does a financing limit become too low for a growing company and push it toward a more expensive way to raise capital?
The 10:45 panel should be especially relevant for founders, issuers, dealers and funding platforms. The OSC says it will discuss how stakeholder feedback, market intelligence and data influence targeted initiatives. Useful questions include where the regulator sees the largest gaps between startup, private growth and public markets, which requirements materially affect access to capital, and what evidence it needs before changing a rule.
Capital Raising Rules Are Already Under Review
The October 15 session lands in the middle of two live regulatory discussions. The proposed LIFE amendments close for comment on October 21. A separate CSA review, open until November 13, considers public company regulation including issuer classification, financial reporting requirements, private placement hold periods and material change reporting.
Neither process means the OSC has decided that particular rules should change. They do show that regulators are comparing existing requirements with how companies actually raise capital, while the OSC is gathering evidence about financing friction at different stages of growth.
More Reading:
- Almost $4 Billion Shows What Lower Securities Friction Can Do — what happened after higher LIFE limits took effect
- UK Crowdfunding Caps Lift As EU Pushes €12M — larger overseas fundraising limits and the case for revisiting Canada's C$1.5 million crowdfunding ceiling
- Can Canada Turn Access Into Productive Participation? — whether wider financial market access is translating into usable capital and economic growth
- Canada's C$14T Non Bank Financial System Opens Up — how Canada's large pool of non bank financial assets connects with wider market access and competition
Talking Point
Ontario already gives companies several ways to raise capital. The question is where those options stop working as a company grows. Sometimes the problem is investor demand or business risk. Other times, financing limits, costs or regulatory requirements may be getting in the way. The October 15 discussion should help show where the OSC sees those problems and what evidence might support a change.
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, artificial intelligence, 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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