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All regulations

Investor limits under NI 45-110

What NI 45-110 is

National Instrument 45-110 is the rule the Canadian Securities Administrators adopted for start-up crowdfunding. It lets a company with its head office in Canada sell its own securities through an online funding portal without a prospectus, within caps on the raise and on each investment. It came into force on 21 September 2021, and its offering form lists all 13 provinces and territories. NI 45-110, consolidated (opens in a new tab) CSA notice of publication (opens in a new tab)

The company cannot be a reporting issuer or an investment fund. Together with its group, it can raise up to C$1,500,000 under the exemption in the 12 months before the distribution closes. NI 45-110, s. 5(1) (opens in a new tab)

It completes an offering document, Form 45-110F1, stating how it will use the money and the minimum it needs to close. The distribution must close by the 90th day after the document first goes up on the portal, and cannot close below that minimum. If the minimum is not reached by then, the portal takes steps to return investors' money. NI 45-110, ss. 3, 4 and 5(1) (opens in a new tab)

The portal is either run by a registered investment dealer or exempt market dealer, or relies on the instrument's exemption from registration. Portals run by registered dealers must provide advice on whether an investment is suitable for the investor. Those relying on the exemption are prohibited from giving it. CSA Staff Notice 45-329 (opens in a new tab)

Each purchaser completes a risk acknowledgement, Form 45-110F2, confirming they have read and understood the offering document. That document must state in bold that the securities are subject to a resale restriction, and that you might never be able to resell them. In Québec, both forms must be available in French only, or in French and English. NI 45-110, consolidated (opens in a new tab)

Questions about NI 45-110

How much can I invest under NI 45-110?

C$2,500 per crowdfunding distribution, or C$10,000 if a registered dealer has advised that the investment is suitable for you.

Source: NI 45-110, s. 5(1)(p) (opens in a new tab)

Can I cancel an NI 45-110 investment?

Yes, until midnight on the 2nd business day after you agree to buy, by a notice to the funding portal. An amendment to the offering document gives you the same time again from the day the portal tells you of it.

Source: NI 45-110, s. 5(1)(j) (opens in a new tab)

Can I resell NI 45-110 securities?

The offering document must state that the securities are subject to a resale restriction, and that you might never be able to resell them.

Source: Form 45-110F1, item 11 (opens in a new tab)

How much can a company raise under NI 45-110?

Up to C$1,500,000, counted across the company's group, in the 12 months before the distribution closes.

Source: NI 45-110, s. 5(1)(g) (opens in a new tab)

What happens if the minimum is not raised?

The distribution cannot close. If the minimum is not reached by the 90th day after the offering document first goes up on the portal, the portal takes steps to return investors' money.

Source: NI 45-110, ss. 3, 4 and 5(1) (opens in a new tab)

General information, not advice. A platform’s own terms, and the rules where you live, may differ. Sources read .