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

The CSA have proposed certain amendments to National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations.

All registered dealers and advisors need to take action now to determine whether they need to change their business practices!

New dispute resolution and mediation requirements recently came into effect for registered securities dealers and advisors in Canada.

The Canadian Securities Administrators have maintained the status quo for exempt market dealers participating as selling group members in prospectus offerings.

Securities regulators and those active in the financial industry seem to have their own secret language.

This is Part II of my article titled "Offering Memorandum Exemption Finally Proposed in Ontario! Other Regulators Also Mulling Changes."

It is going to get a lot tougher for Canadian companies, securities registrants and others to electronically communicate and market to clients since Canada has recently enacted anti-spam legislation.

The offering memorandum exemption in Section 2.9 of "National Instrument 45-106 Prospectus and Registration Exemptions" allows issuers to sell to anyone regardless of their income, net worth, investment amount, or relationship to the principles of the issuer.

The term "offering memorandum" has two meanings under securities laws in Canada. In Canadian jurisdictions other than Ontario, an offering memorandum is a document prepared in the prescribed form under National Instrument 45-106 Prospectus and Registration Exemptions (NI 45-106 OM) to enable an issuer to rely on the offering memorandum exemption set out in section 2.9 of NI 45-106 (the OM exemption).

In May 2014, the British Columbia Securities Commission (the BCSC) published its 2014 Annual Compliance Report Card (the Report Card).

An offering memorandum must contain all information material to the investment opportunity to enable an investor to make an informed investment decision.

On June 17, 2013, the Ontario Securities Commission issued an exemptive relief order that for the first time permits an on-line portal registered as a "restricted dealer" to match certain types of issuers with "accredited investors".

The Alberta Securities Commission published statistics about the use of the offering memorandum exemption in the OM Exemption.

The Canadian Securities Administrators have published for comment proposed amendments to National Instrument 45-106 "Prospectus and Registration Exemptions".

The CSA have proposed amendments to National Instrument 31-103 that seek to clarify the use of the "trade through or to a registered dealer" exemption.

The Canadian Securities Administrators (the CSA) have published for comment proposed amendments (the 2014 Proposals) to National Instrument 45-106 Prospectus and Registration Exemptions (NI 45-106).

Late this summer, a new crowdfunding book was released by serial author Iain Williamson of Learn2succeed.com Incorporated.

The Canadian Securities Administrators proposed certain changes to National Instrument 31-103 and other rules.

The Canadian Securities Administrators have published for comment proposed amendments to National Instrument 45-106 Prospectus and Registration Exemptions.