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ARTICLE · 17 NOVEMBER 2015

Canadian Securities Regulators Publish Crowdfunding Exemption

Borden Ladner Gervais LLP
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The final form of the Crowdfunding Exemption comes as a result of consultations following the proposed MI 45-108 published on March 20, 2014.

CanadaCorporate/Commercial Law
Stephen Robertson
Stephen Robertson
Pascal De Guise
Pascal De Guise
Katherine Schuck
Katherine Schuck
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On November 5, 2015, the securities regulatory authorities in Manitoba, Ontario, Québec, New Brunswick and Nova Scotia (the Participating Jurisdictions) published, in final form, Multilateral Instrument 45-108 — Crowdfunding (MI 45-108). This instrument includes a crowdfunding prospectus exemption (the Crowdfunding Exemption) and a registration framework for funding portals (the Funding Portal Requirements) to allow start-up and early-stage companies to raise capital.

The final form of the Crowdfunding Exemption comes as a result of consultations following the proposed MI 45-108 published on March 20, 2014.

The crowdfunding regime under MI 45-108 will coexist with the Start-Up Crowdfunding Exemptions implemented by way of harmonized blanket orders in British Columbia, Saskatchewan, Manitoba, Québec, New Brunswick and Nova Scotia (for additional information on the Start-Up Crowdfunding Exemptions, please refer to our bulletin here). As a result, there will

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