The Financial Services Commission of Ontario (FSCO) is issuing this Bulletin to inform co-operatives under the Co-operative Corporations Act (CCA), that basic information about offering statements from co-operatives filed and receipted by the Superintendent of Financial Services after July 1, 2016, will be posted on FSCO's website.
Posting information about Receipted Offering Statements
FSCO's mandate is to protect the public interest and enhance public confidence in Ontario's regulated sectors including Ontario co-operatives. Under section 37 of the CCA , offering statements from co-operatives that have been receipted by the Superintendent of Financial Services are available for public review.
The posting of basic information about receipted offering statements on FSCO's website will allow consumers to know what offering statements have been receipted and where to obtain additional information.
The process for submitting offering statements remains unchanged and receipted offering statements will continue to be made available to the public at FSCO's offices.
Offering Statement Requirements
Co-operatives that have more than 35 members/investors, or will have more than 35 members/investors with the offering, must file an offering statement with FSCO and obtain a receipt from the Superintendent in order to be able to sell the securities being offered. The CCA and regulations provide some exemptions from this requirement.
Co-operatives must make their receipted offering statements available for inspection by anyone requesting them, at the co-operative's head office during normal business hours.
The co-operative must give a potential investor a copy of the offering statement and any material change statement, on request. Also, the co-operative cannot accept a subscription for shares from anyone unless the person has been given a copy of the offering statement and any material change statement.
Co-operatives must file a material change statement with FSCO if a material change occurs while the
co-operative is selling securities under an offering statement. Filing must be done within 30 days of the change.
Visit FSCO's website for more information on the Filing and Record Keeping Requirements for Offering Statements.
Chief Executive Officer and
Superintendent of Financial Services
May 25, 2016