nationally in promoting Crowdfunding in Canada.
The Honourable Brad Duguid, Ontario Minister
of Economic Development and Innovation opened
the event where he publicly supported Ontario’s
interest in equity Crowdfunding pending completion
of the OSC’s review of various capital raising
exemption including, a Crowdfunding framework.
The Minister made it clear that Ontario does not
want to fall behind the U.S. as it prepares its rules
and regulations to legalize Crowdfunding under the
U.S. JOBS Act.
Darren Westlake, CEO and Co-founder of
Crowdcube, followed and provided an excellent
presentation on his firm’s Crowdfunding model.
Crowdcube claims to be the world’s first
equity-based Crowdfunding website which is
headquartered in the United Kingdom.
Dr. Gordon then moderated a panel discussion
on whether Crowdfunding should be legalized in
Ontario which included myself as EMDA Chair.
The event concluded with an working group
table dialogue on the securities law issues in
legalizing equity Crowdfunding in Canada.
I facilitated this session where participants
considered various securities law issues involving
investors, issuers and funding portals in developing
a Crowdfunding framework for Canada.
Information about the Technicity 2012 along
with the media coverage can be found at: http://
EMDA Working with Crowdfunding
Associations in Canada
The EMDA is also working with both the National
Crowdfunding Association (NCA) of Canada and
Invest Crowdfund Canada (ICC) in discussing the
exempt market issues and prospectus exemption
issues involved in developing a Crowdfunding
framework for Canada. Representatives from both
the NCA and ICC joined the EMDA’s December
2012 National Board of Directors meeting to share
their views and develop a closer relationship with
the EMDA as we consider our overlapping interests
in the Crowdfunding dialogue.
EMDA Consultation Paper Surveys
The EMDA is also working with other
Associations to develop a Crowdfunding-specific
survey to gather input from the industry and
exempt market participants.For example, the
EMDA has worked with the National Crowdfunding
Association of Canada (NCFA) and recently released
a Crowdfunding survey which can be viewed at:
Information about the NCFA is located at:
Information about Invest Crowdfund Canada is
located at: http://icanada.nu/crowdfunding
For more information contact:
L to R: Darren Westlake, CEO & Co-founder Crowdcube,
Brian Koscak, EMDA Chairman and Partner, Cassels Brock &
Blackwell LLP, Dr. Richard Reiner, Founding Partner, CC Stratus
and Adam Spence, Founder, Social Venture Exchange and
Manager, Special Projects, MARS Centre for Impact Investing
Brian Koscak, EMDA Chairman and
Partner, Cassels Brock & Blackwell
LLP facilitating working group table
discussions at Technicity 2012
L to R: Cindy Gordon, Moderator of
Technicity 2012 with Brian Koscak,
EMDA Chairman and Partner,
Cassels Brock & Blackwell LLP