According to news sources, "The Ontario Securities Commission released a paper today intended to initiate a broad consultative process to consider a number of potential new capital raising prospectus exemptions.." including crowdfunding.
This is another example of a foreign regulatory agency beating the SEC (and the U.S.) to the punch. The paper examines how several countries, "including the U.S., Australia and the U.K.", manage the exemption process. According to one review, these countries generally base exemptions on one or more of the following:
- investor attributes (such as income and financial assets);
- relationships with the issuer (such as the family, friends and business associates exemption available in jurisdictions other than Ontario);
- investment size (such as Ontario's $150,000 minimum investment amount exemption);
- 'crowdfunding'; and
- offering size."
You can download the paper here.