Equivesto collects a variety of personal information when you sign up for our platform. We use this information to verify your identity and to help determine whether Equity Crowdfunding is right for you.
The information we collect on you is as follows:
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Name
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Current Address
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Citizenship
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Why do we collect this information?
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Equivesto is a Canadian platform, currently registered as an Exempt Market Dealer with the Securities Commissions in Ontario, British Columbia, Alberta and Nova Scotia. We can only accept investors on the site from the jurisdictions in which we are registered. We collect your citizenship information to confirm that you are a Canadian or Permanent Resident living in either Ontario, British Columbia, Alberta or Nova Scotia. If you are a Permanent Resident, we will collect more information from you to verify your Permanent Resident status.
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Date of Birth
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Contact information
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Social Insurance Number (Optional)
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Why do we collect this information?
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The collection of your Social Insurance Number by Equivesto is optional. Equivesto collects this information to assist in the confirmation of your identity. On Equivesto, you can buy shares and directly invest in companies. It is our responsibility to confirm your identity, and the identity of anyone who would be buying securities on our platform. We keep this information private and use it as part of your identity verification process. Equivesto works with our service provider, Trulioo, to verify your identity. Trulioo is bound by the same confidentiality and security requirements as Equivesto. While it is not necessary to provide this information, it can improve the speed with which we can confirm your identity. We use state of the art security to protect your data.
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Employment
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Why do we collect this information?
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An important part of the signup process on Equivesto is confirming that equity crowdfunding investments are a good fit for you. Your employment information is an important piece of the puzzle when taking a holistic look at your financial situation. Understanding your current employment status lets us know whether you are relying on your existing investments for income, or whether you have income from a job. Given the risks of equity crowdfunding investments, Equivesto needs to understand the impact that any equity crowdfunding investment losses would have on your financial situation.
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Marital Status
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Why do we collect this information?
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Marital status and dependant information are important pieces of information when combined with employment information to ensure that the risks of equity crowdfunding investments are not unsuitable for you.
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Annual Income & Net Worth
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Why do we collect this information?
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This information helps us determine your current financial situation and if equity crowdfunding is right for you. The type of investor account and investment limits that are available to you are set by securities legislation and determined by either your total annual income or total net worth. Your annual income and net worth help us understand your current financial position, and the impact that the loss of an equity crowdfunding investment would have on you. Please see our ‘What is Know Your Customer’ section for more details.
- Need help calculating your net worth? Click here.
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Politically Exposed Person Status
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Why do we collect this information?
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We are required by law to take reasonable measures to determine whether you are a politically exposed person. If you are, we must take reasonable measures to ensure that the funds you invest are not the proceeds of corruption, and that your your investments cannot be used to encourage corrupt behaviour.
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Investment Objectives & Risk Profile
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Why do we collect this information?
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Equity crowdfunding investments on Equivesto are high risk. While they do have high potential rewards, there is also a risk that you could lose your whole investment, or that you could not sell your investment for many years. As part of the work Equivesto does to understand whether equity crowdfunding investments are a good fit for you, we take the time to understand your overall investment goals, your willingness to take investment risks, and how equity crowdfunding can fit within those goals. Yes, with a minimum investment on the platform of $100, equity crowdfunding does not necessarily make up a large portion of your total investments. However, we must still ensure that you understand the investments before proceeding, and that they fit your investment objectives. Please see our ‘What is Know Your Customer’ section for more information.
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Participation in other recent crowdfunding campaigns
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Why do we collect this information?
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Securities regulations limit each investor’s participation in equity crowdfunding in a calendar year to $50,000 for an accredited investor and $10,000 for an investor who is not accredited. Equivesto asks you to disclose any previous crowdfunding investments that you have made in the current calendar year in order to ensure that you do not exceed the applicable limit.
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