SPRING - ISSUE 23
Prior to founding the Western Exempt Market Association (the first name of what came to be known as NEMA) back in 2010, I was made aware of what was known at hat time as the Limited Market Dealers Association.
My reputation as somewhat of an agitator to securities regulators
out West had spread easterly and caught the attention of the then
LMDA. Learning that I had gained somewhat of a following of the
would be Western-based EMDs I was asked if I’d be willing to refer
my contacts and clients out east to join the LMDA and help support
an organization that was theoretically fighting the same fight.
It seemed logical to do so, so I undertook some due diligence on
the organization. Ultimately I decided not to refer anyone to them
and live by one of the mantras I was raised with “If you want
something done right, do it yourself”.
While there wasn’t necessarily anything wrong with the LMDA, I
was raised as many Western Canadians, particularly Albertans are,
with a bit of a chip on my shoulder in regards to our Eastern brethren.
The fact that the LMDA, at the time, was run predominately by Bay
Street lawyers and accountants, didn’t help. In addition, the lack of
the predominant exemption that my contacts and clients relied on
at the time, being the Offering Memorandum exemption, further
led me towards doing it myself.
So I did.
While I knew it would be a lot of hard work and may in fact upset
some of those working tirelessly at the LMDA at that time, I saw
little choice but to start my own association.
Without commitments from anyone, I formed WEMA as an Alberta
Society and got to work. First came the raising of the seed money
from founders such as Olympia Trust, Pinnacle Wealth Brokers,
and Miller Thomson and then came time to develop some marketing
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