OSC Publishes Report On Exempt Market Activity And Recent Regulatory Reforms

The Ontario Securities Commission (OSC) recently published OSC Staff Notice 45-715 2017 Ontario Exempt Market Report (the "Report") which, among other things summarizes Ontario exempt market activity by non-investment fund issuers over the past two years and how it compares to the broader Canadian capital markets, and assesses the impact of recently introduced prospectus exemptions. The Report follows the adoption by the OSC over the past couple of years of a number of new prospectus exemptions that are intended to facilitate greater capital formation by small issuers, as well as recent amendments to the information required to be included in the report that must be filed with the OSC when certain prospectus exemptions (including the accredited investor exemption) are relied upon.