IN THIS ISSUE
REGULATORY UPDATES
22 TÊTE-À-TÊTE with the Ombudsman:
Doug Melville, Ombudsman for Banking
Services and Investments (OBSI)
26 Sneaking and Peeking: The Future of
Securities Investigation Has Arrived
By Jordan Glick
30 The Ontario Proposed Friends, Family
and Business Associate Exemption
By Alixe Cormick
33 Amendments to the Accredited
Investor Rule
By Brian Koscak
34 Raising Money in Ontario -
What’s Up with Crowdfunding and
Other Initiatives?
By Michael J. Hanley
PCMA UPDATE
4 Welcome from the Editor
By Geoffrey Ritchie
6 PCMA News
8 PCMA Continuing Education Programs
10 PCMA Member Profile
11 PCMA Founding Sponsor Spotlight
12 PCMA Board of Directors and
Staff Members
55 PCMA Dialogue
58 PCMA Exclusive Member Benefits
14 OSC Offering Memorandum Proposals
a Positive Step Forward but
Key Changes are Needed!
By Geoffrey Ritchie
16 Feature Story
UNLOCKING CAPITAL RAISING:
Has Ontario’s Offering Memorandum
Battle Been Won?
By Brian Koscak
ISSUERS & PRIVATE PLACEMENTS
38 An Issuer Profile - POET
TECHNOLOGIES (TSX-V:PTK)
By IBK Capital Corp.
MARKET INSIGHTS
56 Flow-Through Investing Changing
the Conversation
By Maurice Levesque
PCMA ADVOCACY
60 Multilateral CSA Notice 45-312
Proposed Prospectus Exemption for
Distributions to
Existing Security Holders
By Brian Koscak and Conan McIntyre
62 Proposed Amendments to NI 31-103,
NI 33-109, NI 52-107, OSC Rule
33-506, OSC Rule 35-502 and
Related Forms
By Brian Koscak, David Gilkes,
Geoffrey Ritchie, Marsha Gerhart,
Conan McIntyre
COMPLIANCE CORNER
39 Closing the Gap: Converging
Canada’s AML Standards with Global
Expectations. What does this mean
for an exempt market dealer (EMD)?
By Candice Ramlogan
42 CSA Staff Notice 31-336 – Guidance
on the Know-Your-Client, Know-Your-Product and Suitability Obligations.
Making Sense for
Exempt Market Dealers
By David Gilkes
46 Regulator Outreach for Financial
Filings: Carrot or the Stick?
By Stephen Warden
50 Regulation of Mortgage Investments:
Who has it right - FSCO or the OSC?
By Jonah Bonn
53 Quality Check Your Investments.
Thorough investigation into the
quality of earnings helps buyers
decide if the price of
a business is right
By John Caggianiello and Vic Kroeger
Editor
Geoffrey Ritchie | geoffrey.ritchie@pcmacanada.com
Design & Production
Elena Mazur | elena.mazur@pcmacanada.com
Contributing Authors
Jonah Bonn
John Caggianiello
Alixe Cormick
Marsha Gerhart
David Gilkes
Jordan Glick
Michael J. Hanley
IBK Capital Corp.
Brian Koscak
Vic Kroeger
Maurice Levesque
Conan McIntyre
Candice Ramlogan
Geoffrey Ritchie
Stephen Warden
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Private Capital Markets is published by the
Private Capital Markets Association of Canada.
This national industry magazine is issued
bi-annually and features commentary from
the leaders in the private capital markets.
All rights reserved. Contents may not be
reprinted without written permission. The
opinions expressed in articles are not
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presented is compiled from sources believed to
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situations will differ and should be discussed
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