Regulatory Alerts2021-06-23
CSA Staff Notice 45-329: Guidance for using the start-up crowdfunding registration and prospectus exemptions
The Canadian Securities Administrators issued this notice to provide guidance for start-ups and funding portals utilizing the start-up crowdfunding registration and prospectus exemptions under Regulation 45-110. The document outlines key operational requirements, including a $1.5 million annual fundraising cap per issuer group, a $2,500 per-investor limit, and the mandatory use of specific offering documents without financial statements. It further details the responsibilities of funding portals, investor withdrawal rights, and disclosure obligations regarding business operations and principal information.
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