How to qualify to be a CMS licensee (other than a fund manager or REIT manager).

This circular applies to licensed securities-based crowdfunding (SCF) operators. It sets out the measures SCF operators should put in place to assess issuers, manage defaults or cessations, and disclose interest and default rates.

Provides guidance on the regulation of lending-based crowdfunding, including licensing of lending-based crowdfunding operators and applicable prospectus requirements or exemptions on offers of debentures.

Guidance on what constitutes a "personal offer" under the small offer exemption in Part XIII.

Guidance on advertising restrictions set out in certain prospectus exemptions in Part XIII.