A Comment on 'Internet-Based Securities Offerings by Small and Medium-Sized Enterprises: Attractions and Challenges'

I am grateful for the opportunity to comment on Stephane Rousseau's paper entitled "Internet-Based Securities Offerings by Small and Medium-Sized Enterprises: Attractions and Challenges". Rousseau contends that securities regulators must be more sensitive to an environment in which technology is rapidly changing. He argues that the Canadian regulatory regime can be adapted to respond to technological change without jeopardizing the objectives of investor protection and market confidence. While I tend to agree generally with this position, I will contend that the current position of the Canadian Securities Administrators (CSA) is justifiable in the near term. I will also highlight two areas in which the article could benefit from further research and analysis