The Ontario Securities Commission (OSC) has published Notice of General Orders – Ontario Instrument 32-508 Not-For-Profit Angel Investor Group Registration Exemption (Interim Class Order); Ontario Instrument 32-509 Early-Stage Business Registration Exemption (Interim Class Order); Ontario Instrument 45-509 Report of Distributions under the Self Certified Investor Prospectus Exemption (Interim Class Order), (collectively, the Notice of General Orders).

The Notice of General Orders are a series of time-limited exemptions issued through the OSC’s TestLab program and are intended to support capital-raising for early- stage businesses (collectively, the Early-Stage Capital Exemptions).

The Early-Stage Capital Exemptions which came into effect on May 9, 2024 and remain in effect until October 25, 2024, feature:

  • a dealer registration exemption for not-for-profit angel investor groups (the Angel Investor Group Registration Exemption);
  • a dealer registration exemption for eligible early-stage businesses (the Early-Stage Business Registration Exemption); and
  • an exemption from the distribution reporting requirement in the Self-Certified Investor Prospectus Exemption Class Order to permit alternative streamlined reporting of distributions (the Self-Certified Investor Reporting Exemption).

The Notice of General Orders is available for download from the website of the Ontario Securities Commission.

For more information, please call Barbara Hendrickson at BAX Securities Law (647) 403-4606.

This publication is not intended to constitute legal advice. No one should act on it or refrain from acting on it without consulting with a lawyer. BAX does not warrant or guarantee the accuracy or currency or completeness of the publication. No part of this publication may be reproduced without the prior written permission of BAX Securities Law.