British Columbia And Alberta Start-Up Crowdfunding Exemption Expanded

On September 21, 2017, following the results of a stakeholder survey conducted over the course of the year to date, the British Columbia Securities Commission (BCSC) announced changes to the existing equity crowdfunding rules found in British Columbia Instrument 45-535 – Start-up Crowdfunding Registration and Prospectus Exemptions (BCI 45-535) to address two of the most common pain points felt by investors and issuers.

The first amendment is a step to address concerns with respect to a lack of harmonization across provinces by creating a regime to allow access for investors and issuers across the B.C. and Alberta border. The amendments to BCI 45-535 provide that Alberta as a "participating jurisdiction" and include specific reference to Alberta Securities Commission Rule 45-517 Prospectus Exemptions for Start-up Businesses (ASC Rule 45-517) in the definition of the term "corresponding start-up crowdfunding order". A similar change to ASC Rule 45-517 was announced on