Private Capital Markets

PCMA Annual General Meeting

The PCMA has been committed to strong governance practices and transparency with our members since our establishment in 2002. On November 14, 2013, we hosted the Annual General Meeting (AGM) of members in Toronto.

The PCMA has made a transition to the new corporate governance requirements under the recent Canada Not-for-Profit Corporations Act, and we did that a full year ahead of legislative timelines. Through monthly meetings of our national Board of Directors we closely track finances, membership, strategic priorities, key activities and our administrative and operational issues. The most recent Audited financial statements were shared with all members in conjunction with our AGM.

The PCMA members elected 22 industry professionals as Directors to advocate on behalf our members across Canada. As we continue to improve our Association, we are focused on service to members, effective advocacy and strong governance representing our members.

We were also excited to approve the change in our associations name to the Private Capital Markets Association of Canada. Special thanks to the PCMA Founding Sponsor WeirFoulds LLP for hosting this meeting.

The PCMA is proud to welcome Michael Lee-Chin and Portland Investment Counsel as a new PCMA Founding Sponsor.

Geoffrey Ritchie, PCMA Executive Director remarks, “We are
honoured to welcome Portland Investment Counsel and Michael
Lee-Chin: a major figure in the Canadian capital markets. Together,
we will continue to advocate, educate and connect private capital
professionals from coast to coast.”
The PCMA recognizes the valuable contributions of all
Founding Sponsors that have played an important role in
establishing and supporting the PCMA across Canada. Their
support enables the PCMA to tackle serious policy and regulatory
issues in a thoughtful manner and it is a key part of our mission in
representing our members.

We also want to thank MNP Corporate Finance Inc. for renewing their Founding Sponsorship for 2014-2016. Thank you for your continued commitment and support of the PCMA.

On January 20, 2014 the PCMA made a submission in response to the request for comments published by the Canadian Securities Administrators (the CSA) on November 21, 2013 in connection with the Proposed Exemption.

The PCMA is broadly supportive of the Proposed Exemption and applauds the introduction of appropriately designed prospectus exemptions designed to facilitate fair and efficient capital raising and investor protection in the Canadian marketplace.

We are mindful, however, that not all CSA members have agreed to adopt the Proposed Exemption, but are optimistic that if implemented, the Proposed Exemption will be adopted in a uniform fashion across Canada. We encourage the CSA to continue to work with the securities regulators in Ontario and Newfoundland and Labrador to ensure a consistent adoption of this and other prospectus exemptions across Canada.

On March 5, 2014, the PCMA submitted a comment letter in connection with the proposed amendments to NI 31-103 and related rules published by the CSA on December 5, 2013.

The comment letter tackled some complicated issues critical
to our members involving
• EMDs and prospectus offerings
• CCOs and the proposed experience requirement
• Registration exemption for trades through a dealer
As the strong national voice for the exempt market, the PCMA
constantly monitors key issues affecting the exempt market.
The PCMA has made detailed written submissions to securities
regulators and we meet regularly with senior representatives of the
provincial securities commissions to advance the issues facing the
exempt market professionals.