TORONTO, Dec. 14, 2012 /CNW/ - The Ontario Securities Commission (OSC)
today published Consultation Paper 45-710 Considerations For New Capital Raising Prospectus Exemptions, which discusses concepts for new prospectus exemptions in Ontario. The
objective is to facilitate capital raising in the exempt market, while
continuing to deliver strong investor protection.
The Consultation Paper explores and describes four concept ideas on
which the OSC is seeking feedback:
an exemption to allow crowdfunding subject to limits for issuers and
an offering memorandum exemption;
an exemption based on an investor's investment knowledge; and
an exemption based on an investor receiving advice from a registrant.
"Given the importance of the exempt market to Ontario, this Consultation
Paper is a vital step in soliciting meaningful feedback from
stakeholders on concept ideas to appropriately address exempt market
capital raising concerns and continue to deliver strong investor
protection," said Howard Wetston, Q.C., Chair and CEO of the OSC.
In November 2011, the Canadian Securities Administrators (CSA) initiated
a review of the accredited investor and minimum amount exemptions. In
June 2012, the OSC expanded on the CSA's review, broadening the scope
to consider whether new prospectus exemptions should be introduced that
may assist capital raising for business enterprises, while protecting
investors. The OSC continues to examine the accredited investor and
minimum amount exemptions, along with the concept ideas presented in
today's Consultation Paper.
During the comment period, the OSC plans to hold public consultation
sessions, conduct investor research and solicit feedback from
interested stakeholders. The comment period for this Consultation Paper
closes February 12, 2013.
OSC Consultation Paper 45-710 published today can be found on the OSC's
website at www.osc.gov.on.ca. All feedback will be considered and will inform the OSC's next steps.
SOURCE: Ontario Securities Commission
For further information:
For Media Inquiries:
Manager, Public Affairs
Media Relations Specialist
For Investor Inquiries:
OSC Contact Centre
1-877-785-1555 (Toll Free)