In regards to regulatory framework, the lack of cooperation and collaboration by provincial securities regulators across Canada has been discussed at great length since the implemen- tation of National Instrument 31-103. And for too long, the advocates for the exempt market, or the private market as we call it more regularly now, weren’t much better. While
both the National Exempt Market Association and Private Capital Markets Association were
collectively extremely effective in helping to both grow and improve the industry at large, having
two voices, particularly when one was perceived as West and one East left opportunities for
divisiveness, which was ultimately detrimental to our collective stated goal.
Those days are no longer.
By Doug Bedard and Craig Skauge
The Coming Together of NEMA and the PCMA