On March 20, 2014, the Canadian Securities Administrators created significant buzz by proposing rules which would allow investors in large parts of the country to participate in equity crowdfunding. Securities regulators in each of Manitoba, New Brunswick, Nova Scotia, Ontario, Quebec and Saskatchewan (the Participating Jurisdictions) published for comment proposed Multilateral Instrument 45-108 Crowdfunding Prospectus […]
The Private Capital Markets Get ‘Crowded’ in Canada – Recent Developments in Equity Crowdfunding
April 20, 2014 by Leave a Comment
Private markets outpacing public markets – Opportunities for Professional Advisors
April 18, 2014 by Leave a Comment
Andrea Seidt, the President of North American Securities Administrators Association (NASAA), gave the keynote speech on April 1, 2014 at the Securities Industry and Financial Markets Association (SIFMA) Conference in Florida. One of the themes highlighted in her speech was the increasing number of private offerings that are sold to investors without any registered intermediary involvement […]
Exempt Market Dealers and Prospectus Offerings in Canada – PCMA Canada’s Comment Letter
March 13, 2014 by 1 Comment
On December 5, 2013, the Canadian Securities Administrators (the CSA) proposed certain changes to National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations (NI 31-103) and other rules, including a proposal to prohibit exempt market dealers (EMDs) from participating in prospectus offerings (the Proposed Amendments). I was privileged to Chair the Comment Committee […]
Finders and Referral Agents Beware! Proposed Changes for Unregistered Individuals in Canada
March 8, 2014 by Leave a Comment
By Brian Koscak and Peter Dunne The Canadian Securities Administrators (the CSA) have proposed amendments to National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Obligations (NI 31-103) that seek, among other things, to clarify the use of the “trade through or to a registered dealer” exemption in section 8.5(a) of NI 31-103 (section 8.5(a)). The […]
Proposed Experience Requirement for Chief Compliance Officers of Exempt Market Dealers – PCMA Canada’s Comment Letter
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The Canadian Securities Administrators (the CSA) have proposed certain amendments to National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations (NI 31-103) and other rules (the Proposed Amendments) that includes, adding a new experience component to the proficiency requirement to be a chief compliance officer (CCO) of an exempt market dealer (EMD). Specifically, the […]
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