Last week, the Autorité des marchés financiers and the British Columbia Securities Commission published guidance on crowdfunding. The guidance comes primarily in the form of user-friendly guides that provide an overview of the crowdfunding prospectus and registration exemptions published in Multilateral CSA Notice 45-316 on May 14, 2015. The guides are respectively tailored to specific audiences – funding portals, businesses and, in BC, investors – and reflect the securities regulators' intention that the crowdfunding exemptions exist for the purpose of benefitting start-up and early stage businesses. For further information, please consult the guidance on crowdfunding published by the AMF and the BCSC.
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