Regulatory Alerts2021-08-25
Policy Statement to Regulation 45-108 Respecting Crowdfunding
The Canadian Securities Administrators issued this policy statement to interpret and apply the provisions of Regulation 45-108, which establishes a prospectus exemption for eligible crowdfunding issuers and registration requirements for funding portals. The document defines permissible crowdfunding models, clarifies that securities-based offerings are subject to securities legislation, and outlines specific investment limits for accredited and non-accredited investors. It further details ongoing disclosure obligations for non-reporting issuers, including requirements for annual financial statements and notices of key events, while prohibiting general solicitation and commissions outside of funding portal fees.
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