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Senior Legal Counsel, Corporate Finance, BCSC, Elliot Mak, along with Graham Stanley, General Manager, Community Futures Stuart Nechako discuss crowdfunding regulations BC from a regulator's perspective and a practical portal operators perspective.
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White Paper on IPO This study includes the definition, types, procedures, regulatory aspects and various terms associated with issue of initial public offerings (IPOs) in Indian stock market.
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The investment company in risk capital (the “SICAR”) governed by the Luxembourg law of 15 June 2004 relating to the investment company in risk capital, as amended from time to time (the "2004 Law") is Luxembourg’s flagship investment vehicle for private equity/venture capital and accommodates qualified investors.
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Par Chad Williams - Red Cloud Klondike Strike Inc. Redéfinir les investissements miniers – Le sociofinancement par actions, solution efficace de mobilisation de capitaux pour les petites sociétés minières
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Is Equity Crowdfunding Right For Your Early-Stage Company?
Get your questions answered at this workshop on the structure, rules and regulations around engaging in Equity Crowdfunding. A year on since the May 2016 SEC Equity Crowdfunding New SEC Guidelines there is a new wave of opportunity for investing - now ANYONE from the accredited investor to your grandma can invest in the next big thing, but what does this really mean for your early stage company? Is this actually an alternative to raising traditional rounds of funding?
Questions answered include:
WHY should I care about regulation crowdfunding?
WHO can engage in regulation crowdfunding?
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WHERE can regulation crowdfunding happen?
WHEN can I engage in regulation crowdfunding?
IS regulation crowdfunding right for me?
Oct 20, 2017: NCFA Submission to Ontario MoF: Urgent Need for Regulatory Ch...Craig Asano
Canada’s crowdfunding regime must be competitive, in line with global trends, and ‘smarter’ to enable wider access to small amounts of capital (i.e. < $5 million) by early stage companies. There is a ‘funding gap’ in the market as many smaller companies find it extremely challenging to raise funding. This means fewer innovative start-ups, fewer opportunities for investors and constraints on economic growth (and jobs).
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Objectives for Regulation in Ontario:
1. Work harder to harmonize and reduce unjustified regulatory burden
2. Ontario Ministry of Finance to champion and promote regulatory change
3. More resources and support for regulated crowdfunding education
Specific NCFA Recommendations (in order of priority):
1. Harmonize crowdfunding requirements
2. Allow advertising and general solicitation
3. Increase threshold for required review and audited financial statements
4. Allow accredited investors to fully participate (without caps) and self-certification
5. Provide funding for crowdfunding education and data collection
6. Increase $1.5M issuer caps to $5M or more
7. Eliminate retail investor caps
8. Provide a reasonable sunset clause for audited financial statement and other filings
9. Less frequent filing of the distribution report
CROWDFUNDING 2022 - Crowdfunding from the Investor's PerspectiveFinancial Poise
This webinar focuses on the opportunities that crowdfunding makes available to the investor, and how the investor should go about navigating this new world. We begin with a basic overview of the new regulatory regime, the requirements to invest, and the on-boarding process one should expect. We then dive deeper into the market opportunity, including how to access and select investments, and expectations investors should set for themselves and the projects they select. This is not intended to support any specific deal selection, but instead sheds a light upon the basic selection criteria available, the method to go about investing and what to avoid.
Part of the webinar series: Crowdfunding 2022
See more at https://www.financialpoise.com/webinars/
Slides from the Crowdfunding / Crowdcube Breakfast event held on 20th October 2014 at Francis Clark offices, Taunton. Joint event with Francis Clark, Ashfords and Crowdcube.
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Slides 61-63 include information about those 26 companies that are actively raising investment in Q4 2019. Check out the disclaimer - these aren't recommendations, just information.
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Small businesses in North Carolina will soon be permitted to raise up to $2 million from average investors with certain limits. This is the result of legislation passed by the North Carolina General Assembly in July 2016. Businesses that use the “Invest N.C. exemption” can utilize the Internet to organize such a fundraiser. However, firms must follow certain regulations, including requirements on how much can be raised from each investor, what kind of financial information must be disclosed, and periodic reporting requirements to keep investors informed. The N.C. Securities Division will oversee administration of the crowdfunding exemption.This seminar is planned as an overview of investment crowdfunding for businesses that may want to utilize this option. The speaker will cover the following:
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1. REGULATION OF EQUITY
CROWDFUNDING IN CANADA
Silicon Valley Meets Crowdfunders
Second Annual Conference and Expo
Brian Koscak,
Partner, Cassels Brock & Blackwell LLP
Co-Chair, Equity Crowdfunding Alliance of Canada
Chair, Private Capital Markets Association of Canada
April 3-4, 2014 @ Palo Alto, CA
2. Disclaimer
The opinions expressed today are provided in my personal
capacity and do not necessarily reflect the opinions of
Cassels Brock & Blackwell LLP or any of its clients.
Slide | 2
This presentation is for educational purposes only and
should not be construed as legal advice and anyone
considering raising capital or becoming a dealer or portal in
Canada should consult with a lawyer specializing in
Canadian securities law.
3. Equity Crowdfunding in Canada
1. Equity Crowdfunding is legal in Canada under existing
prospectus exemptions provided securities are sold
through a registered dealer (exempt market dealer).
● Two prospectus exemptions
Slide | 3
● Two prospectus exemptions
● Accredited investor exemption
● Offering memorandum exemption
6. 1. SeedUps Canada
● working with an exempt market dealer
Who is doing it today in Canada
Slide | 6
2. Optimize Capital
● Registered as an exempt market dealer
7. Proposed New Equity Crowdfunding Eco-System of
Capital Raising in Canada
● March 20, 2014, various Canadian securities regulators
published for comment a new eco-system of capital
raising in the private capital markets.
● The proposed new world order has four main silos:
Slide | 7
Start-Up
Crowdfunding
Exemption
Equity
Crowdfunding
Exemption
Offering
Memorandum
Exemption
Accredited
Investor
Exemption
(Comment
period ends
June 18, 2014)
(Comment
period ends
June 18, 2014)
(Comment
period ends
June 18, 2014)
(Comment
period ends
May 28, 2014)
10. Comparison of Equity Crowdfunding Frameworks
(Selling securities on the internet to the public)
Offering
Memorandum
Exemption
Equity
Crowdfunding
Exemption
(Proposed)
Start-Up
Crowdfunding
Exemption
(Proposed)
Issuer Restrictions
Applicable Jurisdictions All Canada except ON ON, QB, MB, SK, QB, MB, SK, NB, NS
Slide | 10
Applicable Jurisdictions All Canada except ON
where it is proposed
ON, QB, MB, SK,
NB, NS
AB – monitoring
comments
QB, MB, SK, NB, NS
AB – monitoring
comments
BC – seeking comments
Canadian issuers only No Yes No, but head office
requirement
Public and private issuers Both Both Private issuer only
Prohibitions on types of
issuers or industries
No, except for ON/NB,
investment funds and
related issuers excluded
No investment funds, real
estate issuer, issuers that
do not have a business
plan or related issuers
No investment funds or
reporting issuers
11. Comparison of Equity Crowdfunding Frameworks
(Selling securities on the internet to the public)
Offering
Memorandum
Exemption
Equity Crowdfunding
Exemption (Proposed)
Start-Up
Crowdfunding
Exemption
(Proposed)
Distribution Details
Restrictions on offered
securities
No, except for ON, no
complex securities such
Simple securities and
no derivatives.
Simple securities and
no derivatives.
Slide | 11
securities complex securities such
as structured finance
products or specified
derivatives
no derivatives. no derivatives.
Issuer Caps No $1.5 Million $150,000/$300,000
Investor Caps BC Model – None
AB Model - $10,000
unless an eligible
investor
Proposed OM Model –
$10,000 unless an
eligible investor then up
to $30,000 (AB, SK,
QB, ON, NB)
$2,500/$10,000 $1,500
12. Comparison of Equity Crowdfunding Frameworks
(Selling securities on the internet to the public)
Offering
Memorandum
Exemption
Equity
Crowdfunding
Exemption
(Proposed)
Start-Up
Crowdfunding
Exemption
(Proposed)
Distribution Details - continued
Slide | 12
Limitation on offering
period
No 90 days 90 days except for SK
where it is 180 days
Concurrent offerings Yes Yes, on same terms Yes, except for SK
Restrictions on
soliciting and
advertising
No Yes Yes
Offering document
requirement
Yes Yes Yes
13. Comparison of Equity Crowdfunding Frameworks
(Selling securities on the internet to the public)
Offering
Memorandum
Exemption
Equity
Crowdfunding
Exemption
(Proposed)
Start-Up
Crowdfunding
Exemption
(Proposed)
Investor Protection Measures
Slide | 13
Financial information
requirement
Yes Yes Yes
Audited financial
statement requirement
Yes except for local
Orders where
amounts raised are
less than $500,000
Yes, if amounts raised
exceed $500,000
No
Cooling Off Period Yes Yes No, however under
review
14. Comparison of Equity Crowdfunding Frameworks
(Selling securities on the internet to the public)
Offering
Memorandum
Exemption
Equity
Crowdfunding
Exemption
(Proposed)
Start-Up
Exemption
(Proposed)
Investor Protection Measures - Continued
Slide | 14
Investor Protection Measures - Continued
Resale restrictions Yes Yes Yes
Ongoing disclosure
requirement
No
Proposed (AB, QB,
ON, SK, and NB)
Yes No
15. Comparison of Equity Crowdfunding Frameworks
(Selling securities on the internet to the public)
Offering
Memorandum
Exemption
Equity
Crowdfunding
Exemption
(Proposed)
Start-Up
Exemption
(Proposed)
Regulation of Portal
Intermediary required N/A Yes Yes
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Intermediary required N/A Yes Yes
Intermediary required
to be registered
N/A*
* Yes, if the
issuer/intermediary is
in the “business of
trading” securities
Yes No
Prohibited portal
activities
N/A Yes Yes
Background checks by
portal on individuals
involved with issuer
N/A Yes Yes
16. 1. Accredited Investor Exemption
● Wealthy individuals
● If on-line through a registered exempt market dealer
2. Offering Memorandum Exemption
Summary: Four Ways to do Equity Crowdfunding in
Canada
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● The public/crowd
● If on-line through a registered exempt market dealer
3. Proposed Equity Crowdfunding Exemption (for small and
medium sized enterprises or SMEs)
● Registered portal (i.e., restricted dealer, MaRS VX)
4. Proposed Start-Up Crowdfunding (for start-ups)
● Unregistered portal
17. Cross-Border Equity Crowdfunding Opportunities
●U.S. broker-dealer working with a registered exempt
market dealer in Canada
●Selling to accredited investors in the U.S. and Canada
●Selling to accredited investors in the U.S. and Canada and/or
the public/crowd in Canada under the Offering Memorandum
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the public/crowd in Canada under the Offering Memorandum
Exemption
●U.S. portal working with exempt market dealer or restricted
dealer in Canada
●Note – U.S. portals/broker dealers need to comply with
Canadian securities law when selling securities to Canadian
investors.
19. Speaker Bios
Brian Koscak, B.A.(Hon), M.A., CIP, LLB., J.D. and LL.M is a Partner at the law firm of
Cassels Brock & Blackwell LLP located in Toronto, Ontario and practices in the area of
corporate and securities law. Brian is the Chair of the Private Capital Markets Association
of Canada (formerly, the Exempt Market Dealers Association of Canada), a national not-
for-profit organization representing exempt market dealers, issuers and compliance
professionals across Canada. Brian is also the Chair of the Equity Crowdfunding Alliance
of Canada, an alliance of funding portals, issuers, professionals and vendors who seek to
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of Canada, an alliance of funding portals, issuers, professionals and vendors who seek to
promote and advocate for equity crowdfunding in Canada. Brian is a member of the
Ontario Securities Commission’s Exempt Market Advisory Committee which is considering
new ways to raise capital in Ontario’s private capital markets, including equity
crowdfunding. Brian is actively involved in developing a viable crowdfunding framework for
Canada. He has been mentioned in the media numerous times, spoken at numerous
crowdfunding events and conferences and represents various exempt market dealers and
portals involving their equity crowdfunding businesses. Brian can be reached by phone at
416-860-2955, by e-mail at bkoscak@casselsbrock.com or on twitter @briankoscak. Brian
also regularly writes about Canadian securities law matters on his personal blog at:
www.briankoscak.com