Members with an interest and views to share on the status of Crowdfunding securities legislation in Canada should review the latest update note authored by Dentons. Please request and download the PDF summary file with hot links provided.
We refer to securities because these are the rules for issuing “securities’ ( ie. shares, convertible notes, etc.); the legislation does not apply to crowdfunding in exchange for nothing or something tangible which are not caught by securities laws.
The latest announcement are for proposed rules to allow securities to be issued based on a crowdfunding exemption in Ontario, Quebec, Manitoba, New Brunswick and Nova Scotia to be effective in these provinces effective January 25, 2016 subject to Ministerial approval.
Rules have been in effect since May 2015 in B.C., Saskatchewan, Manitoba, Quebec, New Brunswick and Nova Scotia for a sort of crowdfunding exemption called a start up exemption. Alberta and Nunavut have released proposed exemptions for comment.
While crowdfunding advocacy is making progress, the Campaign is still active to seek further improvement to the crowdfunding regime in Canadian provinces.
Download file: Status of Current and Proposed Canadian Securities Regulatory Crowdfunding Regimes