An issuer who wishes to list its securities in the crowdfunding platform must submit disclosures, including an Offering Statement, which must indicate the target offering amount and the deadline to reach the target offering amount. The target amount must be reached on or before the deadline; otherwise, no securities will be sold in the offering and investment commitments will be cancelled and committed funds will be returned.

No intermediary may accept an investment commitment in a transaction involving the offer or sale of securities in reliance on the Crowdfunding Rules until the investor has opened an account with the intermediary and the intermediary has obtained from the investor consent to electronic delivery of materials. 

A crowdfunding intermediary is the entity that mediates offer and sale of crowdfunding securities through its online electronic platform. A crowdfunding intermediary may be a: (a) registered broker; (b) investment house; or (c) funding portal. Continue reading below for the list of permitted activities for crowdfunding intermediaries.