On June 1, 2020, the BC Securities Commission made an important change to BC Instrument 45-530, which allows BC co-operatives to sell shares to members without issuing a prospectus. The lifetime limit had been $5,000 since this exemption was introduced in 2001. The new maximum of $10,000 also applies to certain issuances of investment shares.
This change follows a review by the Commission which included a survey of 499 cooperatives, 57 of which provided the Commission with feedback. In addition to the increase in the lifetime maximum investment under this exemption, the Commission made a number of other changes to BCI 45-530.
BC co-operatives can also issue shares under other exemptions which also apply to companies and other issuers. The Commission has issued a new Guide to Capital Raising for Co-operatives. You can find more information on the Commission’s website.