The Ontario Securities Commission ("OSC") is actively
taking steps to make capital raising easier for start-ups. In late
2012, the OSC published Staff Consultation Paper 45-710, seeking
feedback on proposed new prospectus exemptions in Ontario. In a
recent announcement, the OSC has extended the deadline for
submitting comments to March 8, 2013.
The Consultation Paper seeks feedback from stakeholders on four
Offering Memorandum prospectus exemption in Ontario
Exemption based on investment knowledge
Exemption based on registrant advice
If adopted, start-ups will particularly benefit from the equity
crowdfunding concept. Equity crowdfunding allows early stage
companies to raise funds from investors in return for an equity
stake in the company. Think "Kickstarter" with shares instead of
rewards. Subject to certain investor protection measures, issuers
would be able to make prospectus exempt securities offerings over
the Internet. This will increase capital raising efficiency and
reduce both financing and ongoing disclosure costs. Click
here for a more complete review of crowdfunding in Canada.
This is a great opportunity for various stakeholders to
contribute comments on the proposed exemptions.
About Fraser Milner Casgrain LLP (FMC)
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located in the country's key business centres. We focus on
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of where you choose to do business in Canada, our strong team of
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and cross-border matters. FMC's well-earned reputation for
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counsel to our clients is complemented by an ongoing commitment to
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