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OSC proposes four new capital raising prospectus exemptions

  • Securities - OSC Image

Mar 20, 2014

On March 20, the Ontario Securities Commission published for public comment four new prospectus exemptions. These exemptions are intended to facilitate capital raising by businesses at different stages in their development, while maintaining an appropriate level of investor protection.

The exemptions are:

  1. an offering memorandum exemption that would allow businesses to raise capital based on a comprehensive disclosure document being made available to investors;
  2. a family, friends and business associates exemption that is intended to enable start-ups and early stage businesses to raise capital from investors within the personal networks of the principals of the business;
  3. an existing security holder exemption that would allow public companies listed on the Toronto Stock Exchange, TSX Venture Exchange or Canadian Securities Exchange to raise capital from their existing security holders based on their public disclosure record; and
  4. a crowdfunding exemption that would allow businesses, particularly start-ups and early stage businesses, to raise capital from a potentially large number of investors through an online platform registered with the securities regulators.

The comment period runs until June 18, 2014.

Review the proposals.

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