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 disclose all pertinent information and sources
    • Plain: It must be easily understood by potential investors
  2. Submit FINAL copies only - drafts will be returned
  3. Ensure all documents display original signatures
  4. Identify critical dates and timing issues
  5. Submit payment of $50, payable to the Financial Services Regulatory Authority (FSRA)
  6. Provide a cover letter with email address, telephone number and mailing address
  7. Summarize key features of all material agreements, including project financing, project details and escrow agreements
  8. Submit two original copies of the offering statement and supporting materials. If providing interim or audited financial statements, please indicate the accounting standards used to prepare them
  9. Ensure the submission is free of typos, adding errors, omissions and mistakes
  10. Use templates provided by your co-operative association as a guide
  11. Proceed with your project only after the receipt has been issued
  12. Build in sufficient approval time when planning your business activities