When Does an Ontario Investment Fund Need an Exempt Market Dealer?

July 11, 2026

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.

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Exempt Market Dealers

July 8, 2026

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.

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