Resources for businesses

If a business relying on the Exemption and raising capital without a dealer has sold any securities to investors in a particular reporting period (outlined in the chart below), the business must complete and submit Form 32-509F2 Alternative Report of Exempt Distribution no later than 30 days after the end of each reporting period. 

If the business provided an offering memorandum to investors or prospective investors, the business must also deliver a copy of the offering memorandum, or any amendment to a previously delivered offering memorandum, to the OSC no later than the 30th day after the end of the reporting period. 

You can access the web-based form here: Form 32-509F2 Alternative Report of Exempt Distribution. When you submit the report, please save a copy of the completed form for your records. The form will have a Submission ID number that will need to be provided if you need to amend any information later. 

If the business needs to change any information from a report previously submitted, the business must submit a new completed Form 32-509F2 Alternative Report of Exempt Distribution no later than the 30th day after the end of the reporting period. 

You can access the web-based form here: Form 32-509F2 Alternative Report of Exempt Distribution

The business will be required to indicate that it is correcting a previous report and will be required to provide the submission number of the report being corrected. The initial report submitted will have the required Submission ID number. 

A businesses intending to rely on the Exemption is required to submit a notification form before beginning to raise capital, Form 32-509F1 Early-Stage Business Notification, and then report periodically the sale of securities activities by filing Form 32-509F2 Alternative Report of Exempt Distribution. 

If a business is not relying on the exemption for concurrent offerings, it must comply with all applicable reporting requirements, which may include filing Form 45-106F1 Report of Exempt Distribution. 

In addition to submitting Form 32-509F1 Early-Stage Business Notification and Form 32-509F2 Alternative Report of Exempt Distribution, a business that has provided an offering memorandum to investors or prospective investors must also provide a copy of the offering memorandum or any amendment to a previously delivered offering memorandum, to the OSC no later than the 30th day after the end of the reporting period. 

The OSC may also contact you to learn more about your experience using the exemption to raise capital. The data and your voluntary feedback will help us learn more about capital raising by early-stage businesses and inform future policymaking.  

The Commission will be collecting data on the use of the exemptions from the forms noted above and will be contacting businesses, investors and other key stakeholders in the early-stage capital raising ecosystem in Ontario for their perspectives as part of this initiative. The data and information collected will be used to help the Commission evaluate future policymaking and will be reported on in aggregate form or on an anonymized basis, except for any data that the OSC is required to make publicly available pursuant to Ontario’s Digital Data Directive (Directive).

The Directive requires the OSC and other government agencies to publish an inventory of their data assets unless the data cannot be published for legal, privacy, security, confidentiality, or commercially sensitive reasons.