The Ontario Securities Commission (OSC) and other participating
jurisdictions have published Multilateral Instrument 45-108
Crowdfunding, which includes a prospectus exemption for
equity crowdfunding and a registration framework for funding
portals, in final form (the "45-108 Crowdfunding
Regime"). Subject to ministerial approvals, the
45-108 Crowdfunding Regime will come into force in Ontario on
January 25, 2016.
Initially proposed in March of 2014, the 45-108 Crowdfunding
Regime is another measure aimed at facilitating access to capital
for start-ups and small to medium-sized businesses. It has been
introduced in connection with the OSC's exempt market review,
which has also given rise to an offering memorandum exemption, a
family, friends and business associates exemption and an existing
security holder exemption (see our Updates dated April 1, 2014,
Four New Private Placement Exemptions Proposed and
November 3, 2015, Offering Memorandum Exemption Finalized
