CROWD-FUNDING OFFERS UNDER CANADIAN AND US SECURITIES REGULATION: WILL AN EXEMPTION WORK?
Bibliographic record
Abstract
The paper reviews securities regulatory requirements in Canada and the US that may be prohibitively costly for crowd-funding. The authors argue that a regulatory exemption for crowd-funding can, in theory, fit the basic cost-benefit concept behind other regulatory exemptions. Implementing the conceptual cost-benefit basis for crowd-funding exemption while addressing investor protection and administrative issues, however, poses numerous challenges involving trade-offs that are difficult to assess empirically. Restrictions intended to provide investor protection may render the exemption ineffective at addressing the start-up and small business fundraising objectives it is aimed at. At the same time a failure to provide adequate investor protection may have damaging repercussions for the crowd-funding exemption itself and perhaps for other investments.
Fetched live from OpenAlex and de-inverted. Abstracts are not stored in this database: the inverted indexes are 8.6 GB of the frame’s 9.3 GB of text, and the host has 13 GB free.
How this classification was reachedexpand
Full frame machine prediction
Teacher imitationNot calibrated prevalence, not ground truth. Human validation pending. The Gemma side is a direct model label for every work in the frame, read from the title-only record. The Codex side is a classifier learned from the 10,348 direct Codex labels and calibrated to design-weighted sample rates; fields without enough sample support carry no Codex call. Candidate is the union of the two sides; consensus is their intersection. These outputs are machine_predicted_unvalidated and are not human labels.
Distilled classifier scores by category (both heads)
| Category | Codex | Gemma |
|---|---|---|
| Metaresearch | 0.011 | 0.026 |
| Meta-epidemiology (narrow) | 0.000 | 0.000 |
| Meta-epidemiology (broad) | 0.001 | 0.001 |
| Bibliometrics | 0.004 | 0.004 |
| Science and technology studies | 0.007 | 0.007 |
| Scholarly communication | 0.009 | 0.003 |
| Open science | 0.003 | 0.002 |
| Research integrity | 0.005 | 0.004 |
| Insufficient payload (model declined to judge) | 0.005 | 0.001 |
Machine scores (provisional)
The two teacher heads of the student model, read on this work. A score orders the frame for review; it never asserts a category, and the validation status ships verbatim with every row.
Baseline scores from an immature model (maturity gate not passed, 7 training rounds). Scores rank; they never assert a category.
score_only:v0-immature-baseline · verbatim from the scoring run: score_only means the number may rank works, and no category label ships from itClassification
machine, unvalidatedMachine predicted; a candidate call from one source (direct Gemma or distilled Codex), not a consensus.
How this classification was reached, model by model and score by score, is at the end of the page under "How this classification was reached".