The Ontario Securities Commission has updated and extended its OSC TestLab: Early-Stage Capital Raising initiatives for early-stage Ontario businesses, including changes delivered through updated exemptions and a new local blanket order. The package includes updates and extensions to the Not-for-Profit Angel order and the Early-Stage Business Registration exemption, both subject to ministerial approval, and introduces a Self-Certified Investor Prospectus exemption effective 25 October 2025. The updates reflect feedback collected since the initiatives launched in May 2024, following consultations with over 500 stakeholders across early-stage businesses, angel investor groups, exempt market dealers, legal and advisory professionals, and innovation hubs. The OSC’s local Self-Certified Investor Prospectus exemption is consistent with a proposed harmonized multilateral Self-Certified Investor Prospectus exemption that the Canadian Securities Administrators have launched for consultation. OSC TestLab will continue to gather information and perspectives from participating businesses, investors and other stakeholders to evaluate the updated initiatives.
Ontario Securities Commission 2025-09-25
Ontario Securities Commission extends OSC TestLab early-stage capital-raising initiatives and introduces self-certified investor prospectus exemption effective 25 October 2025
The Ontario Securities Commission has updated its OSC TestLab: Early-Stage Capital Raising initiatives, introducing a Self-Certified Investor Prospectus exemption effective 25 October 2025. The updates, which include changes to existing exemptions and a new local blanket order, follow consultations with over 500 stakeholders. These initiatives align with a proposed harmonized multilateral exemption by the Canadian Securities Administrators.