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.

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.

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

Guidelines on advertising restrictions for capital markets services.

Guidelines for shares and debentures on what is considered a “personal offer” and requirements for personal offers, including proper records and documentation.