;e meeting was arranged by PCMA Executive Director Georgina
Blanas. She and the board of the PCMA felt it was important to
reach out to the provincial government on a number of important
issues, such as the o;ering memorandum exemption, red tape and
the best interest standards, so that we could present recommendations and potential solutions that make sense for our industry.
;e Queen’s Park roundtable was attended by top government
o;cials responsible for the oversight of Ontario’s capital markets:
From the Premier’s O;ce:
• The Honourable Kathleen Wynne, Premier of Ontario
From the Minister of Finance’s O;ce:
• Jacob Mksyartinian, Senior Policy Advisor to the Premier for
Finance and Treasury Board
• Niloo Boroun, Senior Policy Advisor to the Premier
• The Honourable Charles Sousa, Minister of Finance
• Elizabeth Mendes, Director of Policy to the Minister of Finance
• Nicholas Daube, Senior Policy Advisor to the Minister of Finance
;e PCMA’s delegation included members of our executive,
members of our board and key representatives from the PCMA
membership, all of whom are passionate about the private capital
From the PCMA Executive:
• Doug Bedard, Chair; Senior VP, Director, Chief Compliance,
Corporate Finance, MNP LLP
• David Gilkes, Vice Chair; President of North Star Compli
ance & Regulatory Solutions Inc.
• Brian Koscak, Vice Chair; President & Chief Counsel of
Pinnacle Wealth Brokers Inc.
• Matt Reynolds, Vice Chair; Vice President, Newport Private
• Georgina Blanas, Executive Director
• Jackie Syrett, Communications Director
From the PCMA Board of Directors:
• Dave Brown, Director; Co-Founder of the PCMA; Partner,
• Richard Carleton, Director; CEO of The Canadian Securities
• Peter Dunne, Director; Partner, Miller Thomson LLP
• Frank Laferierre, Past Director; Founding Partner of the
PCMA; Senior VP Operations and Director, Portland Invest-
ment Counsel Inc.
• Diana Soloway, Director; Chair of Mortgage Investment
Entities, PCMA; President and CEO of Brookstreet Mortgage
Investment Corporation; President of OMNICA
• Stephen Warden, Director; Chair of Audit and Finance,
PCMA; Partner, MNP LLP
• Bill White, Founding Partner of the PCMA, Chairman of
IBK Capital Corp.
• Michael White, Founding Partner of the PCMA, President of
IBK Capital Corp.
From the PCMA Membership:
• Darrell MacMullin, CEO, Goldmoney Inc., 2016 PCMA
AWARD Recipient – Corporate Finance
• Jacquelyn Humphrey, Director of Global Communications,
;e goals of the roundtable discussion were threefold:
1. Raise awareness of the issues;
2. Propose solutions for consideration; and
3. Lay the groundwork for future collaboration with the
Government of Ontario.
We are pleased to report that the event was successful in all respects.
“;e feedback we’ve received from the meeting has been very
positive,” says Blanas, “and we are pleased to be able to continue
these many conversations about our members’ pressing concerns.”
;e PCMA team presented on:
• the Best Interest Standard proposed for registrants under Ontario
• red tape;
• regulatory collaboration and education;
• infrastructure funding; and
• the offering memorandum exemption.
;e brie;ng notes for each of these ;ve presentations are included
with this article so we can share with our readers the information and
views our team put forward to Premier Wynne and Minister Sousa.
In addition, Goldmoney Inc. and IBK Capital Corp. offered
;rsthand accounts of the importance of the private capital
markets in Ontario today. Darrell MacMullin explained how the
private capital markets provided much needed start-up funds for
the successful launch of Goldmoney. Michael White described
the vital role private capital plays in each industry sector in which
IBK is active. Both implored the Premier, the Minister and their
advisers to embrace initiatives to further the growth and development of the private capital markets in this province and to oppose
current proposals to introduce sti;ing new regulation.
Our delegation was warmly received at Queen’s Park and we
believe our message was heard. Both Premier Wynne and Minister Sousa followed the presentations with great interest and
engaged in a spirited exchange with the members of our team.
We feel that an important connection has been made between the
PCMA and the Government of Ontario.
1. Mr. Dunne is a member of the PCMA board of directors and a partner at the law ;rm
Miller ;omson LLP. 2. Also in attendance as part of the PCMA delegation was Dylan T.
Moore, Student Intern. 3. ;ese brie;ng notes are presented in this issue in the form in which
they were presented at Queen’s Park in March 2017. ;e brie;ng notes have not been updated.
PCMA DELEGATION GOES TO QUEEN’S PARK
On March 9, 2017, a delegation from the PCMA travelled to Queen’s Park to speak with key
decision-makers about a series of matters of importance in Ontario’s private capital markets.
BY PETER DUNNE1