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ARTICLE · 05 APRIL 2014

Canadian Securities Regulators Propose Crowdfunding Exemption

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On March 20, 2014, securities regulators in Quebec, Saskatchewan, New Brunswick, Manitoba and Nova Scotia published for comment proposed crowdfunding prospectus exemptions, which consist of (a) an integrated crowdfunding prospectus ..

CanadaCorporate/Commercial Law
McMillan LLP
McMillan LLP
Mark Neighbor
Mark Neighbor
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On March 20, 2014, securities regulators in Quebec, Saskatchewan, New Brunswick, Manitoba and Nova Scotia published for comment proposed crowdfunding prospectus exemptions, which consist of (a) an integrated crowdfunding prospectus exemption (the "Crowdfunding Exemption"), which would be available to reporting issuers and non-reporting issuers, and (b) a start-up crowdfunding prospectus and registration exemption (the "Start-Up Exemption"), which would be available only to non-reporting issuers and is designed to provide an alternative source of capital to early stage companies. The Ontario Securities Commission (the "OSC") has concurrently published draft materials containing a proposed exemption similar in substance to the Crowdfunding Exemption (for additional information on the OSC's proposed crowdfunding exemption and other recent proposed prospectus exemptions, please refer to our bulletin here).

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