


BCSC Improves Crowdfunding Rules
BCSC Improves Crowdfunding Rules
On September 21, 2017, the British Columbia Securities Commission (BCSC) announced improvements to its crowdfunding exemption rules that will allow BC issuers to access Alberta investors when launching crowdfunding campaigns. The amendments also permit an increased investment, for some investors, of up to $5,000.
The amendments to BC Instrument 45-535 Start-up Crowdfunding Registration and Prospectus Exemptions respond to extensive consultations with BC technology industry businesses and stakeholders, and they follow from the results of the BCSC’s 2017 Tech Survey. Survey respondents in the crowdfunding space cited harmonization across jurisdictions and investment limits as some of their biggest concerns. Consequently, the amendments create an interface between the rules in BC and Alberta; they also increase the investment limit from $1,500 to $5,000, where the investor has obtained advice from a registered dealer that the investment is suitable.
As a result of these changes, start-up and early stage issuers in British Columbia will now be able to tap into a wider pool of potential investors. On a larger scale, the amendments represent another positive step toward modernizing the Canadian exempt market regulatory regime to keep pace with evolving technology, and toward exploring new avenues for smaller companies to raise capital.
The BCSC says that it intends to publish the results of the survey and its other fintech stakeholder consultations later this year.
by Allison Marks
A Cautionary Note
The foregoing provides only an overview and does not constitute legal advice. Readers are cautioned against making any decisions based on this material alone. Rather, specific legal advice should be obtained.
© McMillan LLP 2017
Insights (5 Posts)
Fanning the Flames of Liability: The Ontario Court of Appeal Considers Product Liability Issues in Burr v. Tecumseh Products of Canada Limited
The decision of the Court of Appeal in Burr v. Tecumseh Products of Canada Limited, 2023 ONCA 135 provides a helpful overview of product liability law.
A Look at Some Key Findings by the Alberta Securities Commission in Re Bison Acquisition Corp.
On December 21, 2021, a panel of the Alberta Securities Commission issued its written decision providing its reasons for the oral ruling it made on July 12, 2021 regarding applications brought by Bison Acquisition Corp. and Brookfield Infrastructure Corporation Exchange Limited Partnership, as well as Inter Pipeline Ltd. and Pembina Pipeline Corporation.
Employer’s Disturbing Termination Conduct Results in $15,000 Moral Damages Award
Teljeur v Aurora Hotel Group 2023 ONSC 1324 provides example of post-termination conduct and bad faith damages.
Succeeding at Succession: Tips on Corporate Governance including How to Navigate Board Renewals and Elections
Stakeholders are demanding good corporate governance, which includes effective succession planning where a range of skills, experience, and backgrounds are highly valued and reflected. In collaboration with WATSON, a national multidisciplinary governance firm, join us in the morning on Wednesday, April 19, to discuss strategies and action plans that drive robust succession planning and strong corporate governance.
Adjudication under the Construction Act: Court Confirms Test to Apply for Judicial Review a “High Bar”
Adjudication under the Construction Act: Court Confirms Test to Apply for Judicial Review a “High Bar” Anatolia Tile & Stone Inc. v Flow-Rite Inc. 2023 ONSC 129.
Get updates delivered right to your inbox. You can unsubscribe at any time.