Regulatory Alerts2021-06-23
CSA Notice of Publication: Regulation 45-110 respecting Start-up Crowdfunding Registration and Prospectus Exemptions
The Canadian Securities Administrators have published Regulation 45-110 to establish a harmonized national framework for start-up securities crowdfunding, replacing previous jurisdictional blanket orders. The regulation introduces exemptions from prospectus and dealer registration requirements for eligible issuers and funding portals, while increasing the aggregate offering limit to $1.5 million and the individual investment limit to $10,000 with suitability advice. The regulation is scheduled to come into force on September 21, 2021, subject to ministerial approval, and includes consequential amendments to SEDAR and resale regulations.
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