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Canadian securities regulators adopt National Instrument 45-110 Start-Up Crowdfunding Registration and Prospectus Exemptions

Published on: Aug 05, 2021

The Canadian Securities Administrators (CSA) published a new regulation that provides a harmonized national framework for securities crowdfunding for start-ups and early-stage businesses. National Instrument 45-110 Start-up Crowdfunding Registration and Prospectus Exemptions (NI 45-110) provides:

  1. issuers with an exemption from prospectus requirements if distributing eligible securities through online funding portals (portals), and
  2. certain portals with an exemption from dealer registration requirements in facilitating such distributions.


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