On January 5, 2026, the CFFiM submitted recommendations on the proposed Self-Certified Investor Prospectus Exemption (MI 45-111)—a move that could reshape how Canadians invest in private companies.

The Self-Certified Investor Exemption recognizes that education and work experience can equip investors to understand investment risks—opening the door to broader participation in private markets.

CFFiM’s key recommendations:

• Simplify the proposed Information and Acknowledgement Forms to reduce confusion.
• Simplify and expand education and work criteria.
• Remove the requirement that distributors must not “know or be reasonably expected to know” if an investor’s confirmations are inaccurate.
• Eliminate the $50,000 annual investment cap.
• Adoption across Canada (currently, BC and Quebec are not participating)/

This approach builds on international models (U.S. and UK) while tailoring exemptions to the realities of Canada’s capital markets.