FROM THE EDITOR
As we look towards the end of 2015 with a holiday season almost upon us, I am pleased to bring you an
important edition of Private Capital Markets, the national magazine of the Private Capital Markets Association
of Canada (the Magazine).
Inside, you will find a series of articles with new insights into financial reporting changes, governance
priorities, books and records matters and the challenges of regulatory compliance in today’s environment. A
series of articles also share more about the diverse range of investment opportunities in the private markets,
from niche real estate opportunities, to leading edge technology. Our goal is to bring to light some fascinating
new areas of investment in our broad and diversified private markets and spark ideas and conversations. I
encourage you to also read a profile on a leading EMD Dealing Representative who is blazing a new trail with
one of our largest exempt market dealers in Canada, Pinnacle Wealth Brokers Inc. We think it is a compelling
story and one of the many intriguing perspectives on professional practice that we will be bringing to you from
the front lines of our private markets.
4th Annual PCMA Conference
The past year has been marked by great progress for the PCMA and also great accomplishment on the issues
that matter to our members. In May 2015, we came together for the 4th Annual PCMA Conference, one of our
largest events to date, and were fortunate to have the Conference open with an important address from the
government of Canada and then federal Minister of Finance, the Honourable Joe Oliver. The Minister’s insights
as a government leader and industry veteran himself were invaluable and set the tone for an excellent series
of speakers and panels reflective of the quality that is the hallmark of the PCMA. We were also delighted to
have a number of outstanding PCMA Award winners presented by Barry Critchley from the National Post at
the Conference and are happy to share some of their compelling stories with you in this edition of Private
PCMA Long-Term Projects
This year also marked the beginning of several important long-term projects for the PCMA as part of
our Strategic Plan, most significantly: 1) the articulation of industry best practices intended to help raise
consistent standards of excellence in the operation of our private market dealers and issuers, 2) the research
and development of comprehensive private markets data and analytics, and 3) completion of our multi-year
project to open capital raising and investment opportunities in the private markets. While we celebrate the
success, there will be much more to come on other initiatives in the year ahead.
Offering Memorandum Exemption Coming to Ontario
New Restrictions in Other Jurisdictions
In this edition, we also celebrate the exciting and long awaited news that the Offering Memorandum
Exemption will finally be available in Ontario as of January 13, 2016 – a huge change for our private markets.
The voice and advocacy of the PCMA, supported by others across the industry, was a catalyst for this
important regulatory change. Since 2012, the PCMA has worked with securities regulators to emphasize the
need for a robust and harmonized Offering Memorandum Exemption across Canada, and most importantly,
for Ontario to catch-up to the rest of Canada and nationalize the Offering Memorandum Exemption by making
it available in Ontario. We have much to celebrate with this significant news.
Private Capital Markets
Private Capital Markets Association of Canada