Regulatory Alerts2023-06-09
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 clarifies the distinction between securities-based crowdfunding models subject to securities legislation and non-securities models, while defining specific investment limits for accredited and non-accredited investors. It further details ongoing disclosure obligations for non-reporting issuers, liability for misrepresentations, and restrictions on advertising and commissions to mitigate conflicts of interest.
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