The Ontario Securities Commission
yesterday published a progress report on its review
of potential new prospectus exemptions. The report provides an
update on work completed to date, as well as a roadmap for
future work. As we've discussed in the past, the OSC initiated
a consultation process on crowdfunding late last year with
the
release of a consultation paper, and
subsequently held
a roundable discussion
in June to obtain input from investors on the
subject.
According to the report, OSC Staff have been directed to
undertake work on four new capital raising prospectus exemptions,
namely: (i) a crowdfunding exemption (the report states that
$2,500 single investment and $10,000 12-month period limits
per investor would be appropriate); (ii) a family, friends and
business associates exemption, with the goal of substantial
harmonization of the exemption across Canada; (iii) an
offering memorandum exemption that is harmonized with the existing
Alberta model in
