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Private equity investors or real estate syndicators need to be aware of the new OM (offering memorandum) changes just annouced for 2016. The biggest changes are:
More here: http://www.osc.gov.on.ca/en/NewsEvents_nr_20151029_finalize-offering-memorandum-exemption.htm
These changes are expected to be rolled out across Canada, except BC in 2016.
- allowing the OM exemption in Ontario for the first time,
- capping annual investments into the exempt market (aka private equity) for eligible investors to $30,000 or $100,000 with suitability advice from licensed financial advisors
- requirement to include audit statements annually
- requirement to disclose use of proceeds annually
- requirement to include marketing material with OM
More here: http://www.osc.gov.on.ca/en/NewsEvents_nr_20151029_finalize-offering-memorandum-exemption.htm
These changes are expected to be rolled out across Canada, except BC in 2016.
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