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On Thursday, March 20, 2014, the Canadian securities landscape radically shifted when seven Canadian securities regulators, published requests for comments for two versions of equity crowdfunding models.

The two proposed models (see highlights below) are from the Ontario Securities Commission (OSC) and British Columbia Securities Commission (BCSC). The BCSC proposed adopting the crowdfunding model launched on December 6, 2013 by the Saskatchewan securities regulator, the Financial & Consumers Affair Authority (FCAA). These two models highlight two issues: