Community Economic Development Investment Funds can be shortly described as CEDIF. This is a pool of capital that is raised and collected by individuals within the region of Nova Scotia. These capitals are collected to be invested in various for-profit entities. This is a process that takes place within a defined community. A local group of directors and officers are responsible for controlling these funds that are collected. These directors and the officers can be chosen by the promoters and the founders of cedif management. They can also be selected by the investors of CEDIF during the annual general meeting of the board. The capital is collected through an exempt public offering and the shares are advertised to the public in Nova Scotia. These can be done only after submitting the form 1 and collecting the ETC from the minister of finance.
Continuous disclosure obligation in CEDIF
In harmony with the national instrument of continuous disclosure obligations the basic requirement is the high quality financial reporting. This should be done by the companies that have been known for reporting issuers in the region of Nova Scotia. Regular reviews are conducted on the financial statements of the companies by the NSSC. This is a process that is separate from reviewing the offering documents. The major aim of this process is to review the information that is submitted by the companies on a regular basis. The review of current disclosure document is conducted along with the filing of the financial statements and the business acquisition reports. The annual information forms are also filed during this process along with the other documents like material change reports, information circulars and proxy solicitation reports. Management discussion and analysis are also done during this process. The significant and the recurring deficiencies are identified by the NSSC staffs in order to ensure the professional advisors and the companies that they belong to resolve any issue that may arise. The disclosure requirements that are applicable to the venture issuers are normally different from the other issuers. The most important difference between these requirements is that the filing deadlines that are given to the venture issuers are longer when compared to the others.