Articles
Should Your Investment Fund Build Its Own Exempt Market Dealer or Outsource Distribution?
This article examines the factors investment fund managers should consider when deciding whether to establish an internal exempt market dealer or outsource distribution through an independent EMD. It compares the operational, compliance, and strategic implications of each approach to help managers determine which model best supports their fundraising objectives and long-term growth.
Read MoreWhen Is It Time to Change Exempt Market Dealers?
Investment fund managers may outgrow their existing exempt market dealer as fundraising activities, product offerings, and operational requirements evolve. This article discusses common reasons funds change exempt market dealers, the factors to consider when evaluating a new dealer, and how to determine whether a different EMD better supports long-term growth.
Read MoreCan an Investment Fund Sell Its Own Securities Without an Exempt Market Dealer?
Can an investment fund sell its own securities without using an Exempt Market Dealer? The answer depends on more than whether the fund is the issuer. Dealer registration requirements under Canadian securities laws often turn on whether the fund is “in the business” of trading securities. This article explains when a fund may rely on an exemption, when dealer registration is required, and the key compliance considerations for investment fund managers.
Read MoreWhen Does an Ontario Investment Fund Need an Exempt Market Dealer?
Many issuers assume they can raise capital without a registered dealer. In reality, Canadian securities laws often require an Exempt Market Dealer when a person or company is “in the business” of trading securities. This article explains when an EMD is required, the factors regulators consider, and how issuers and investment fund managers can structure exempt market offerings in compliance with National Instrument 31-103.
Read MoreExempt Market Dealers
Exempt market dealers (EMDs) play a key role in Canada’s private capital markets by facilitating securities distributions under prospectus exemptions. Learn what an exempt market dealer does, when an issuer may engage an EMD, and how EMD services support compliant capital raising for investment funds, private issuers, MICs and REITs.
Read MoreRegulation of ‘Finders’
Learn how Canadian securities laws apply to finders in the exempt market. This article explains what a finder is, when finder activities may raise dealer registration considerations, and how exempt market dealers (EMDs) support compliant capital raising under Canada’s prospectus exemption regime.
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