The PCMA Encouraged by Multilateral CSA Notices 45-538 and 45-539
For immediate release
April 9th, 2021
These New Access-to-Capital Initiatives Demonstrate that when Industry Feedback is Sought with the Intention of Listening, the Marketplace is Better for it
The Private Capital Markets Association (“PCMA”) applauds recent efforts of the Alberta Securities Commission (“ASC”) and Financial and Consumer Affairs Authority of Saskatchewan (“FCAA”) to expand the capital-raising options available to small businesses in Alberta and Saskatchewan with the recently adopted Self-Certified Investor Prospectus Exemption (Multilateral CSA Notice of Implementation of Alberta and Saskatchewan Orders 45-538) and Proposed Prospectus Exemption for Small Business Financing (CSA Multilateral Notice and Request for Comment 45-539).
Together, these initiatives mark the beginning of a long overdue shift away from the outdated idea that only high income and wealthy investors are sophisticated enough to analyze and accept risk when investing in their neighbours and community. Small businesses are integral to the Canadian economy, but they cannot compete for access to capital in an inherently anti-competitive regulatory environment that favours huge corporations that identify themselves by a ticker symbol. Big businesses all start small, and we cannot expect to nurture entrepreneurship and growth while simultaneously starving them of resources.
The PCMA wishes to specifically acknowledge the efforts of ASC’s New Economy Division. In June of 2019, Consultation Paper 11-701 Energizing Alberta’s Capital Market was published and these new access-to-capital initiatives demonstrate that when industry feedback is sought with the intention of listening, the marketplace is better for it. The PCMA encourages all other members of the Canadian Securities Administrators (“CSA”) in Canada to act in solidarity with the leadership being shown by the ASC and FCAA. If thriving capital markets include responsible capital formation, then small business capital raising innovation should not be on the docket of only two of our provincial securities regulators.
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For more information, please contact:
Craig Skauge
craig@pcmacanada.com
President
403.261.8459
Jacqueline Syrett
jackie.syrett@pcmacanada.com
Media Relations and Communications Director
647.822.3888
About Private Capital Markets Association of Canada
Since 2002, the Private Capital Markets Association of Canada (PCMA) has brought together exempt market dealers, exempt market product issuers, and professional advisers to the private capital market. The PCMA is the leading national industry voice for the private capital markets to securities regulators, government agencies, media, and other sectors of the capital markets. The PCMA provides valuable services and benefits to its members, including: regulatory and compliance resources, opportunities for professional development and industry education, exclusive insurance programs, and access to a network of private capital markets professionals from coast to coast. In 2012, the PCMA launched The Private Capital Market Awards- the first and only national industry awards celebrating and the success stories of our private capital markets professionals. For more information, visit: www.pcmacanada.com
