Lynn Johannson, Advisor, Sustainability and ESG
January 4th, 2024
Lynn Johannson, President of E2 Management Corporation and Catalyst for THE Collaboration
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Finally. Canadian Securities Administrators Announce Intent to Harmonize & Improve Crowdfunding Exemption
Crowdfund Insider | By | Feb 21, 2018
Crowdfunding has been legal in Canada for some time now but in Canada, securities are managed and regulated at the provincial level thus creating a bit of a regulatory mishmash which proves difficult and costly to firms. Issuers must be certain to manage any provincial nuance when raising capital online.
Insult to injury, the specific crowdfunding exemption recognized by various provinces has been used to raise about CDN $2 million in total. In Ontario, the most populous province, there have been zero raises. Zippo. Nada. A complete flop of rulemaking.
The failure of the rules is palpable with long-lasting impact. Innovative, yet risky, young firms struggle for access to capital compelling some firms to look elsewhere or other countries for funding. There is the OM exemption (offering memorandum) which is somewhat similar to Reg A+ in the US; this is the most frequently used funding vehicle. But it is obvious that more needs to be done.
See: CSA Staff Notice: Update on the Start-up Crowdfunding Registration and Prospectus Exemptions
While regulators have been attentive and listened politely to industry leaders they have proven to be rather tone deaf when it comes to getting things done. Perhaps it is the fear of the unknown, or a blind mission of investor protection, that has compelled the regulators to stymie innovation in the country.
Recently, the National Crowdfunding and Fintech Association (NFCA) re-iterated their frustration in a letter addressed to the Ontario government. The NCFA said:
“Compared to Canada’s global competitors, equity and debt crowdfunding is being stifled by a combination of regulatory burden (not just in the capital markets sector) and lack of coordinated government support (financial and otherwise). Our 2000 members tell us that many start-ups are leaving Ontario and Canada and seeking capital elsewhere, while many fail even to get off the ground.”
The NCFA rationally requested harmonized regulations along with common sense improvements – such as higher funding caps to make the ecosystem more viable.
Around the same time, the largest equity crowdfunding platform in Canada, FrontFundr, blasted officials explaining the fix is quite simple and a single phone call away:
“Canadian companies raising capital through investment crowdfunding are forced to jump through the hoops of different (often conflicting) provincial regulations. In Ontario, our most populous province, the situation is particularly bad: the province has no viable crowdfunding rule that actually works.”
See: NCFA Letter to Ontario Economic Development on Burden (Jan 2019)
But the parochial regulatory perspectives, and policy inertia, that has been clearly evident in Canada may be about to change.
In a Staff Notice published earlier today, the Canadian Securities Administrators or CSA (an association of all provincial regulators) announced their intent to improve harmonization while reviewing current rules:
“Staff (we) of the Canadian Securities Administrators are developing a national instrument with the same key features as the start-up crowdfunding exemption orders, with targeted amendments to improve harmonization and the effectiveness of crowdfunding as a capital raising tool for start-ups and early-stage businesses. Subject to obtaining the necessary approvals, we will publish for comment a proposed national instrument that will replace the start-up crowdfunding exemption orders. We anticipate that the proposed national instrument will not be implemented by May 13, 2020.”
Of course, the devil will be in the details, and it remains to be seen if the Canadian regulators will review the most robust crowdfunding ecosystem that exists in the UK to gain some guidance.
Continue to the full article --> here
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Funding | April 10, 2025 Regulation Crowdfunding Markets Show Tariffs Straining Innovation Economy Regulation Crowdfunding (RegCF) has proven to be a resilient market for early stage entrepreneurs and investors alike. When uncertainty strikes, it's often traditional venture capital that pulls back, while the community-driven model continues to offer early stage start-ups access to capital allowing them to innovate. However, just in from Sherwood (Woodie) Neiss, NCFA Advisor and Principal at Crowdfund Capital Advisors, data shows that tariffs are starting to strain RegCF markets - from March 10 to April 9, 2025: RegCF investment volumes declined by 24% (yoy) to just $57.48 million New campaign launches dropped over 40% Number of investor checks also declined by 15% Average capital raise size dropped to $720,000 (from $1.2 million) Sherwood Neiss, Principal at Crowdfund Capital Advisors: “We’re seeing the first real signs of pullback in what has otherwise been a resilient funding ecosystem. The numbers tell a story not of panic, but of pause. Investors and issuers alike are waiting for clarity—on costs, on policy, and on risk.” Tariffs Introduce New Risks for Early-Stage Companies In a volatile environment where U.S. tariffs are levied one day, and then paused the next, founders must now face ...
Economy | April 10, 2025 Trump Temporarily Halts Tariffs for Most Countries But Keeps Pressure on Canada, Mexico, and China On April 10, 2025, President Trump announced a 90-day pause on most of the newly implemented global trade tariffs after market backlash and political pressure. The break was extended to countries in Europe, Asia, and parts of South America, but Canada, Mexico, and China are still under tariff pressure. Strategic Pause, Not for Everyone While Trump paused the most recent tariffs for over 75 countries, U.S. tariffs still apply to Canada and Mexico primarily on cars and auto parts (25%), steel (25%), aluminum (10%), and some agricultural products like dairy, grains, and processed foods, and continue to affect cross border trade in manufacturing and farming sectors. Trump's pause also didn't apply to China In fact, Tariffs on Chinese good were raised to 125%, as China hit back with an 84% tariff on U.S. goods and filed new complaints with the World Trade Organization. See: Klarna Delays IPO As Markets React to Trump’s Tariffs After the tariff pause was announced, markets surged with the S&P 500 exploding 9.5%, the largest one day gain since World War II, according to Business Insider ...
Funding | April 9, 2025 Toronto’s Tailscale Secures $230M and $2B Valuation for Identity-First Networking On April 8 2025, Toronto-based Tailscale announced that they raised $230 million CAD Series C (about $160 million USD), valuing the company at approx $2 billion CAD. The round was made up of U.S. investors, led by Accel, CRV, Insight Partners, Heavybit, and Uncork Capital, along with some prominent individual investors notably George Kurtz CEO of CrowdStrike (returning investor) and Anthony Casalena CEO of Squarespace. New funds will be used to grow product and engineering teams, expand globally, and improved support for fast scaling customers. Tailscale - A Shift from IP Addresses to Identity Tailscale was founded in 2019 by former Google engineers Avery Pennarun, David Crawshaw, David Carney, and Brad Fitzpatrick, and officially launched in April 2020 to help users connect devices and apps securely without relying on traditional VPNs, IP rules, or firewalls. Tailscale uses a technology called WireGuard which is easy to setup and lets devices connect directly to each other, safely and privately. What's unique about Tailscale is its approach to solving networking challenges. Instead of relying on where a device is located (IP address), it focuses on who or what is connecting. This ...
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