When 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.

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