In a release issued today, the Ontario Securities Commission advised that the participating jurisdictions of the Canadian Securities Administrators are still reviewing the comments received on a proposed crowdfunding regime and an offering memorandum prospectus exemption. In its release, the OSC stated that its goal is to publish proposed rules regarding these matters either in final form, or if warranted, for a second comment period, in summer 2015.

To enable early stage businesses to access capital, the OSC did publish today amendments to current prospectus exemptions to introduce a family, friends and business associates prospectus exemption in Ontario which will allow businesses to raise capital from investors who are the principals of the business or within the personal networks of the principals. Subject to Ministerial approval, it is expected to come into force on May 5, 2015.