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

Multilateral CSA Notice 45-316 (pdf - 245 KB)This link will open in a new window

Multilateral CSA Notice 45-317 (pdf - 110 KB)This link will open in a new window

Multilateral CSA Notice 45-319 (pdf - 324 KB)This link will open in a new window

45-108 Regulation

Regulation 45-108 respecting Crowdfunding

Policy Statement to Regulation 45-108

CSA Notice of Publication of Regulation 45-108 respecting crowdfunding(pdf - 202 KB)This link will open in a new window

Crowdfunding Guides

Securities Crowdfunding Guide for Businesses (pdf - 435 KB)This link will open in a new window

Securities Crowdfunding Guide for Funding Portals (pdf - 231 KB)This link will open in a new window

Crowdfunding Guide for Investors

Information

Questions?

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