Can 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.

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