About Brian Koscak

Koscak_bBrian Koscak is a Partner at the law firm of Cassels Brock & Blackwell LLP located in Toronto, Ontario and practices in the area of corporate and securities law. Brian is the Chair of the Private Capital Markets Association of Canada (formerly, the Exempt Market Dealers Association of Canada), a national not-for-profit organization representing exempt market dealers, issuers and compliance professionals across Canada. Brian is also the Co-Chair of the Equity Crowdfunding Alliance of Canada and a member of the Ontario Securities Commission’s Exempt Market Advisory Committee which is considering new ways to raise capital in Ontario, including through equity crowdfunding.

Brian is one of Canada’s leading authorities on equity crowdfunding. He has spoken at numerous conferences, events and webinars about developing a viable equity crowdfunding framework for Canada. He has had various articles published about equity crowdfunding and been mentioned in the media. Brian regularly consults with securities regulatory authorities in Canada about equity crowdfunding as well as advises a number of clients seeking to engage in equity crowdfunding, including exempt market dealers, funding portals and crowdfunding industry associations.

CONFERENCES, SPEAKING ENGAGEMENTS, EVENTS

CONFERENCES, SPEAKING ENGAGEMENTS, EVENTS

2014

  1. Co-Presenter with Abel Lazarus, Securities Analyst at the Nova Scotia Securities Commision on “Crowdfunding: Everthing you need to know” at the Artist’s Legal Information Society (ALIS) conference titled “On the Edge of Now – Emerging Trends in Entertainment, Digital and IP Law“, Halifax Nova Scotia, March 21-22, 2014
  2. Panelist on International Crowdfunding, sponsored by CrowdFunding Beat Conference and Expo 2014, April 3-4, 2014, Palo Alto, California
  3. Co-Panelist on “Who Needs a Prospectus Anway? Shifting Landscape of the Private Capital Market“, sponsored by the CFA Society, National Club, Toronto, Ontario on April 30, 2014

2013

  1.  Panelist,  “iLunch 12.4 – Greenlighting by Consensus: Crowdfunding for Interactive Projects” sponsored by MaRS Discovery District at the Ontario Investment and Trade Centre,  Toronto, Ontario, December 11, 2013
  2. Co-presentation to staff at Employment and Social Development Canada, Department of the Federal Government of Canada, on “Crowdfunding in Canada and the Role of Government“, Ottawa, Ontario, December 9, 2013
  3. Panellist, “Crowdfunding or Crowd-Fleecing?  Toronto CFA Society, National Club, Toronto, Ontario, December 4, 2013
  4. Panelist, “The Future of Crowdfunding”, 2013 National Angel Summit in Banff, Alberta, November 21, 2013
  5. Panelist,  “Crowd Funding Platforms: Promoting Investment and Protecting Investors in the Exempt Market – A Small or Mid-Size Company Guide to Raising Capital” Canadian Institute in Toronto, Ontario, November 19, 2013
  6. Speaker, “”Know-Your-Product” Obligations“, 2013 EMDA UDP/CCO Education Series in Calgary on November 4, 2013, in Vancouver on November 5, 2013 and Toronto on November 7, 2013
  7. Speaker  “Report on Sanctions and Settlements for UDPs and CCOs“, 2013 EMDA UDP/CCO Education Series in Calgary on November 4, 2013, in Vancouver on November 5, 2013 and Toronto on November 7, 2013
  8. Panelist, “Krowdfunding for Kanadians” a Toronto Hispanic Chamber of Commerce event in Toronto, Ontario, September 11, 2013- (See http://www.thcc.ca/events/crowdfunding-canadians)
  9. Special presentation to Staff of the  Ontario Securities Commission along with management of the Australian Small Scale Offering Board (ASSOB) (the world’s first equity crowdfunding portal), August 30, 2013
  10. Special presentation to the full panel of Commissioners at the Ontario Securities Commission along with Daren Westlake, Founder of Crowdcube Ventures Limited (one of the first equity crowdfunding portals), June 18, 2013
  11. Panelist at Ontario Securities Commission Investor Roundtable considering OSC Staff Consultation Paper 45-710 – Considerations for New Captial Raising Exemptions with an emphasis on proposed offering memorandum exemption and equity crowdfunding, June 11, 2013
  12. Crowdfunding Expert Panelist  at “Canadian Start-ups, Entrepreneurs, Charities & Enterprise” by National Crowdfunding Association of Canada Toronto, Ontario at Ryerson University’s Digital Media Zone , June 11, 2013
  13. Speaker,”Money Summit: Crowdfunding in Canada” “Small Business Money Forum 2013”, sponsored by Enterprise Toronto, Toronto City Hall, May 28, 2013 (See http://www.enterprisetoronto.com/)
  14. Speaker, “Legal Aspects of Crowdfunding from a Canadian and U.S. Perspective” Ontario Bar Association Professional Development Event, May 22, 2013 (See http://www.cbapd.org/details_en.aspx?id=ON_13TEC0522T)
  15. Panelist, “The Potential of Crowdfunding in Canada”, a Joint CFA Institute, Industry Canada and Schulich Business School Conference held at The University Club of Toronto on April 25, 2013
  16. Co-Presenter, “Crowdfunding in the Canadian Context & OM Exemption”, a Google Hangout webcast recorded on April 8, 2013 and co-sponsored by the EMDA/CVCA and available on the EMDA’s website at: http://www.emdacanada.com/?page=EMDAWebcasts
  17. Interview guest, Roger’s BiZ Radio Canada, “Crowdfunding in Canada”, April 1, 2013 (listen to broadcast at: http://www.blogtalkradio.com/biz-radio-canada/2013/04/01/crowdfunding-in-canada)
  18. Panelist, “Equity Crowdfunding: Boon or Bust? sponsored by the University of Toronto’s Centre for Innovation Law and Policy and held at the Munk School of Global Affairs at the University of Toronto on March 27, 2013
  19. Co-Chair, “Crowdfunding in the Canadian Context” and  Co-Presenter, “Selling Securities on the Internet and Crowdfunding in Canada”, an EMDA/CVCA co-sponsored event on February 12, 2013 in Toronto, Ontario
  20. Interview guest, Roger’s BiZ TV Canada, “Crowdfunding in Canada”, January 28, 2013

2012

  1. Panelist, “What are the issues in legalizing equity crowdfunding?“, Technicity 2012, Toronto, Ontario on November 29, 2012 (See http://www.column2.com/2012/11/legalizing-equity-crowdfunding-in-ontario-a-panel/)
  2. Moderator, Group Table Dialogue, “What are the Benefits and Concerns of Crowdfunding?”, Technicity 2012, Toronto, Ontario on November 29, 2012
  3. Panelist at “Crowd Funding – Discover the benefits and cautions”, sponsored by the New Brunswick Securities Commission on November 27, 2012 at the Wu Centre at the University of New Brunswick.  See video on NBSC’s website at: http://www.nbsc-cvmnb.ca/nbsc/content.jsp?id=1400&pid=1392
  4. Panelist, “What does the future hold for entrepreneurs to raise capital using Crowdsource funding”, co-sponsored by North of 41/EMDA on November 13, 2012 in Toronto, Ontario
  5. Chair and Speaker, “EMDA Regulatory Update”, Exempt Market Dealers Association of Canada Conference, June 28, 2012 (Montreal)
  6. Chair and Speaker, , “EMDA Regulatory Update”, Exempt Market Dealers Association of Canada Annual 2012 Conference, June 26, 2012 Toronto, Ontario
  7. Chair and Presenter, EMDA Seminar and Town Hall Meetings on CSA’s Review of the Accredited Investor and Minimum Amount Prospectus Exemptions, Calgary (February 28, 2012) and Vancouver (February 27, 2012)

MEDIA MENTIONS

MEDIA MENTIONS

  1. Regulators propose tighter rules for ‘exempt market’“, Globe and Mail, February 27, 2014
  2. Outside business activities and other NI 31-103 changes, Compliance Roundup February 2014, Advisor.ca, February 14, 2014 where Brian discusses the proposal by Canadian securities administrators to prohibit EMDs from being involved in prospectus offerings.
  3. Top leaders list in Crowdfunding, Crowdfundbeat, January 2014
  4. Equity-Crowdfunding First Launched in Saskatchewan but with Investor Risks”, Metro News Regina, December 23, 2013
  5. New Voice in the Crowd”, Financial Post Magazine, December 3, 2013
  6.  Angel Investors can’t sit on crowdfunding sidelines”, Francis Moran & Associates, blog posting, November 13, 2013
  7. MaRS portal could be forerunner for equity-based crowdfunding” ITBusiness.ca,  June 25, 2013.
  8. Regulators struggle with the crowdfunding model, The Lawyers Weekly, April 19, 2013 
  9. Equity Crowdfunding panel agrees to disagree”, University of Toronto Faculty of Law News, April 9, 2013
  10. EMDA Chairman appointed to the Ontario Securities Commission Exempt Market Advisory Committee”, Exempt Market Update, February 2013
  11. Legalizing Equity Crowdfunding In Ontario: A Panel”, Column 2 BPM, Enterprise 2.0  and technology trends in business, November 29, 2012
  12. Experts discuss crowd-funding issues”, The Daily Gleaner (Fredericton, NB), November 28, 2012
  13. The rapid development of the exempt market and its increasing complex products prompt EMP course revisionInvestment Executive, November 15, 2012
  14. “CFO program is the first of its kind in Canada for exempt market dealers”Investment Executive, September 13, 2012
  15. “Committee to advise regulator’s staff on potential new prospectus exemptions”Investment Executive, September 6, 2012
  16. Growing ‘exempt market’ draws scrutiny of securities regulators”, The Globe and Mail, July 31, 2012
  17. OSC compliance calls likely to alarm clients, EMDA calls on regulator to actively publicize new policy”, Investment Executive, June 27, 2012
  18. Exempt market dealers pleased with broader scope of OSC review”, Investment Executive, June 27, 2012
  19. EMDA calls on regulator to actively publicize new policy”Investment Executive, June 27, 2012
  20. “The lack of harmonized rules across the country is a major source of frustration”Investment Executive, June 27, 2012
  21. Why Good Service Can Bite You”, Advisor.ca, June 4, 2012 (http://www.advisor.ca/my-practice/why-good-service-can-bite-you-82776)
  22. New award celebrates the exempt market”, Advisor.ca, June 4, 2012 (http://www.advisor.ca/news/industry-news/new-award-celebrates-the-exempt-market-77783)
  23. Launching in 2012: EMDA UDP/CCO Certificate Course and Quarterly Meetings”, Exempt Market Update, Spring/Summer 2012
  24. Stepping up for exempt-market dealers – The EMDA and WEMA are taking a stand against the securities regulators”, Investment Executive, `November 2011

ASSOCIATIONS

ASSOCIATIONS 

  • Ontario Securities Commission’s Exempt Market Advisory Committee, Member
  • Exempt Market Dealers Association of Canada, Chairman
  • Canadian Bar Association, Member
  • Insurance Institute of Canada, Member
  • Ontario Bar Association, Member
  • National Crowdfunding Association of Canada, Co-Founder
  • Invest Crowdfund Canada, Advisor
  • European Crowdfunding Network, Member

PUBLICATIONS, NEWSLETTERS, ARTICLES

PUBLICATIONS, NEWSLETTERS, ARTICLES 

  1. OSC Approves Ontario-Only Crowdfunding Portal for Accredited Investors” by Brian Koscak, National Crowdfunding Association of Canada Website, June 21, 2013
  2. Update on the OSC’s Exempt Market Advisory Committeeby Brian Koscak, Exempt Market Update, February 2013
  3. Selling to accredited investors – You better get it right! by Brian Koscak and Afzal Hasan, Exempt Market Update, February 2013
  4. British Columbia Proposes to Revoke the Northwest Exemption & the MIE Exemption”, by Brian Koscak, Exempt Market Update, February 2013
  5. New Brunswick Helps Issuers by Reviewing a Draft Offering Memorandum”, by Brian Koscak, Exempt Market Update, February 2013
  6. EMDA out in front of the Crowdfunding Wave – EMDA Chairman makes presentations at recent Crowdfunding Conferences”, by Brian Koscak, Exempt Market Update, February 2013
  7. British Columbia regulatory updates”, by Brian Koscak, Exempt Market Update, Spring/Summer 2012
  8. EMDs and Conflicts of Interest – Related and Connected Issuer Disclosure” by Brian Koscak, Exempt Market Update, Spring/Summer 2012
  9. CSA Provides Guidance for Preparing and Filing an Offering Memorandum Under NI 45-106”, by Brian Koscak, Exempt Market Update, Spring/Summer 2012
  10. CSA Staff Notice 45-308 – Guidance for Preparing and Filing Reports of Exempt Distributions Under NI 45-106“, by Brian Koscak, Exempt Market Update, Spring/Summer 2012
  11. Exempt Market Dealers and Broker Warrant Compensation”, by Brian Koscak and David Gilkes, Exempt Market Update, Winter 2012
  12. Compliance with the Accredited Investor Exemption A Nine-Point Plan” by Brian Koscak and David Gilkes, Exempt Market Update, Winter 2012
  13. Securities Law Considerations in Legalizing Equity Crowdfunding in Canada” by Brian Koscak, New Brunswick Securities Commission capital markets newsletter, Making Headway, Crowd Funding discover the benefits and cautions, November 27, 2012 (article on NBSC’s website at http://www.nbsc-cvmnb.ca/nbsc/emag/2012_Making_HeadwayCrowd_Funding/#/1/)
  14. “General Overview of a Flow-Through Limited Partnership Structure for an  Initial Public Offering” by Brian Koscak and David Swain, at the LL.M Securities Law Program, Osgoode Hall Law School – York University, November 23, 2011. This paper was originally authored by Brian Koscak and Heather Zordel and presented on September 7, 2007 and subsequently revised and presented by Brian Koscak and David Swain on November 16, 2009 at the LL.M. Securities Law Program at Osgoode Hall Law School
  15. The Development of the Canadian Sukuk Market” by Brian Koscak in the “Collaborative Sukuk Report – An agenda setting study for the growth and development of the global sukuk industry” by Zawya, December 2009. (Islamic Finance)
  16. It’s Going To Get Tougher To Trade Securities Of U.S. OTC Issuers In Canada – Another Reason To List On CNSX”, by Brian Koscak and Greg Hogan, June 2009, (article on CNSX’s website at: http://www.gopublicincanada.com/law-matters-law-accounting-matters-june-2009.html)
  17. Changing Your Auditors – Part I – The Legal Requirements”, by Brian Koscak and Greg Hogan, May 2009, (article on CNSX’s website at: http://www.gopublicincanada.com/law-matters-law-accounting-matters-may-2009.html)
  18. Going Private Transactions” by Brian Koscak, Heather Zordel and Marc Mercier, Corporate Finance for Canadian Executives, ed. Howard E. Johnson, Thompson Canada Limited, 2007, 59-100
  19. Insured’s Duty of Disclosure upon Reinstatement”, by Brian Koscak and Thomas Donnelly, CAIFA, October 2001
  20. An Insured’s Duty of Good Faith – The Andrusiw Case”, by Brian Koscak and Thomas Donnelly, Forum, the magazine for insurance and financial advisors, October 2001
  21. The Proceeds Of Crime (Money Laundering) Act: An Overview of the New Regime from the Perspective of Life Insurance Companies, Life Insurance Brokers and Agents and Securities Dealers”, by Brian Koscak, Alison Manzer and Eric Kupka, April 26, 2001
  22. Overview of the Licensing and Regulatory Regime for Life Insurance Agents in Ontario and Possible Changes Resulting from Regulatory Reform” by Brian Koscak, April 26, 2001

COMMENT LETTERS TO SECURITIES REGULATORS

COMMENT LETTERS TO SECURITIES REGULATORS

  1. Chair, EMDA Comment Committee on OSC Notice: 11-768 – Notice of Statement of Priorities for Financial Year to End March 31, 2014; see:  http://www.osc.gov.on.ca/documents/en/Securities-Category1-Comments/com_20130603_11-768_emdaofcanada.pdf0
  2. Co-Chair, EMDA Comment Committee on OSC Staff Consultation Paper 45-710 – Considerations for New Capital Raising Prospectus Exemptions (e.g., proposed equity crowdfunding exemption and offering memorandum exemption); see EMDA comment letter dated August 31, 2011 including survey on EMDA website at: http://www.emdacanada.com/?page=SpeakingupforEMDs
  3. Co-Chair of EMDA Comment Committee on CSA Staff Consultation Note 45-401 – Review of the Minimum Amount and Accredited Investor Exemptions; see EMDA comment letter dated August 31, 2011 including survey on EMDA website at: http://www.emdacanada.com/?page=SpeakingupforEMDs
  4. Chair of EMDA’s NI 41-103 Securitized Products Comment Committee (Supplementary Prospectus Disclosure for Securitized Products); see EMDA comment letter dated August 31, 2011 on EMDA website at: http://www.emdacanada.com/?page=SpeakingupforEMDs
  5. Contributor to Canadian Leasing and Financing Association’s NI 41-103 Securitized Products comment letter dated August 31, 2011
  6. Co-Chair of EMDA NI 23-103 Comment Committee (Electronic Trading and Direct Electronic Access to Marketplaces); see EMDA comment letter dated July 8, 2011 on EMDA website at: http://www.emdacanada.com/?page=SpeakingupforEMDs
  7. Chair of EMDA NI 45-106F6 Comment Committee (British Columbia Report on Exempt Distribution and Amendments to National Instrument 45-106 Prospectus and Registration Exemptions); see EMDA comment letter dated November 17, 2010 on EMDA website at: http://www.emdacanada.com/?page=SpeakingupforEMDs
  8. Chair of EMDA NI 31-103 Comment Committee (One year amendments to NI 31-103); see EMDA comment letter dated September 30, 2010 on EMDA website at: http://www.emdacanada.com/?page=SpeakingupforEMDs

DISCLAIMER:

This blog is not intended to create, and does not create an attorney-client relationship. You should not act or rely on information on this blog post without first seeking the advice of a lawyer. This material is intended for general information purposes only and does not constitute legal advice. For legal issues that arise, the reader should consult legal counsel.