Crowdfunding is a process through which an individual or a business can raise small amounts of money from a large number of people, typically via the Internet. The objective is to raise sufficient funds in order to carry out a specific project.
Securities crowdfunding is when a business raises funds by issuing debt securities (such as bonds) or securities giving the right to participate in future profits (such as shares). In Québec, issuing securities offered to the public is subject to legal and financial obligations.
The Autorité des marchés financiers has adopted registration and prospectus exemptions that allow companies to use securities crowdfunding to raise capital, subject to certain conditions.
Start-up Crowdfunding Exemption
CSA Staff Notice 45-324 – Update on the Start-up Crowdfunding Registration and Prospectus Exemptions (pdf - 137 KB)This link will open in a new windowUpdated on 21 February 2019Update on the Start-up Crowdfunding Registration and Prospectus Exemptions
Multilateral CSA Notice 45-319 including the blanket order (pdf - 324 KB)This link will open in a new windowUpdated on 30 June 2016"Multilateral, CSA, Notice, 45-319, Amendments, Start-up, Crowdfunding, Registration, Prospectus, Exemptions"