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
Regulation 45-110 respecting Start-up Crowdfunding Registration and Prospectus Exemptions (pdf - 197 KB)This link will open in a new windowUpdated on September 21, 2021Official version of Regulation 45-110 in force since September 21, 2021.
CSA Notice of Publication: Regulation 45-110 respecting Start-up Crowdfunding Registration and Prospectus Exemptions (pdf - 141 KB)This link will open in a new windowUpdated on June 21, 2021Crowdfunding.