Amid ongoing concern about the health of Canada’s venture sector, the Ontario Securities Commission (OSC) is looking for new members for its committee that advises the regulator on issues affecting small businesses, including possible new prospectus exemptions.
The OSC announced Monday that it is seeking new members for its Small and Medium Enterprises Committee (SMEC), which advises OSC staff on a range of issues related to small and medium-sized firms, including the challenges they face in operating their businesses and raising capital.
The commission says that the committee’s members will be expected to provide input on regulatory approaches to capital raising in the exempt market, including the impact of possible new prospectus exemptions that are being considered by the OSC. Last year, the OSC said that it is planning to propose several new capital raising exemptions in the first quarter of 2014, including an offering memorandum exemption; a crowdfunding exemption; a family, friends and business associates exemption; and, an existing shareholder exemption.
The committee will also examine the development, implementation, and communication of policies to address issues affecting the sector.
The committee will consist of 10 to 15 members and will meet approximately five times a year. Members are expected to serve a one-year term. Applications are due by February 10.