While the legal requirements for the contents and receipting of offering statements are set-out in the Co-operative Corporations Act (CCA) and regulations, the following tips may be helpful for making a submission.

  1. Remember your audience: full, true and plain disclosure to investors is required. What may have previously been considered full disclosure may no longer be sufficient in today’s marketplace:
    • Full: the offering statement should answer any questions an investor might reasonably have
    • True: it should accurately disclose all pertinent information and sources
    • Plain: It must be easily understood by potential investors
    • View FSRA’s Interpretation and Approach Guidance to learn more about disclosure requirements when selling certain securities. The Guidance also outlines FSRA’s review and approval processes before an offering statement receipt may be issued.
  2. Submit FINAL copies only - drafts will be returned. Submit your offering statement and supporting materials, and pay the $50 fee, through FSRA’s Online Services Portal.
  3. Ensure all documents display original signatures
  4. Identify critical dates and timing issues
  5. Provide a cover letter with email address, telephone number and mailing address
  6. Summarize key features of all material agreements, including project financing, project details and escrow agreements
  7. Submit the offering statement and supporting materials through the Online Services Portal. If providing interim or audited financial statements, please indicate the accounting standards used to prepare them
  8. Ensure the submission is free of typos, adding errors, omissions and mistakes
  9. Use templates provided by your co-operative association as a guide
  10. Do not issue securities until you receive a receipt for the offering statement from FSRA
  11. Build in sufficient approval time when planning your business activities