Word cloud image for the Offering Memorandum Exemption in Canada. The offering memorandum exemption is a prospectus exemption that is available across Canada except Ontario where it is currently under consideration by the Ontario Securities Commission. Certain other jurisdictions in Canada are also looking at changing the offering memorandum exemption by, for example, introducing a […]
PCMA Comment Letter to Proposed CSA Changes to Accredited Investor and Minimum Amount Exemptions
As Chair of the Private Capital Markets Association of Canada (PCMA), I am pleased to have contributed to the preparation and submission of the PCMA’s comment letter to the Canadian Securities Administrators (the CSA) about proposed changes to the accredited investor exemption (theAI exemption) and the minimum amount exemption (the MA exemption) as set out […]
Maybe You Can’t Crowdfund! Only Certain Types of Issuers Can Do Equity Crowdfunding in Canada
Not every type of issuer can raise capital under the existing and proposed Equity Crowdfunding exemptions in Canada. This article discusses the availability of certain proposed and existing Equity Crowdfunding exemptions in Canada for issuers looking to raise capital and the published rationale by certain participating Canadian Securities Administrators (CSA) where such exemptions are proposed […]
The Private Capital Markets Get ‘Crowded’ in Canada – Recent Developments in Equity Crowdfunding
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 […]
Misrepresentations in a Private Placement Offering Memoranda in Canada
By Brian Koscak and Alixe Cormick An offering memorandum (OM) must contain all information material to the investment opportunity to enable an investor to make an informed investment decision. What information is material depends on the specific business and investment opportunity of an issuer. Under Canadian securities laws, an issuer must ensure there is no […]