OSC Update On Proposed Capital Raising Exemptions

On August 28, 2013, the Ontario Securities Commission (OSC) released a progress report on its review of certain prospectus exemptions to facilitate capital raising in Ontario (the Progress Report) as initially set out in OSC Staff Consultation Paper 45-710 Considerations for New Capital Raising Prospectus Exemptions published on December 14, 2012 (the Consultation Paper).

The Progress Report states that after reviewing feedback from a broad range of stakeholders, the OSC has determined to consider further the following capital raising prospectus exemptions:

• An offering memorandum (OM) exemption (the OM exemption)
• An equity crowdfunding exemption
• A family, friends and business associates exemption