OSC Provides Update On Capital Raising Initiatives

December has just arrived and the year is almost over. Many capital market participants are waiting for the Ontario Securities Commission (the OSC) to publish a draft of the proposed prospectus exemptions it is considering as previously published on August 28, 2013 (See OSC Notice 45-712 Progress Report on Review of Prospectus Exemptions to Facilitate Capital Raising). The proposed capital raising exemptions are:

• the offering memorandum exemption;
• the family, friends and business associates exemption;
• the existing security holder exemption; and
• the crowdfunding exemption, together with a registration framework for online funding portals,

(the Capital Raising Proposals).