materials and gather members. Needless to say, forming a sustainable non-profit was easier said than done.
Nonetheless, after years of hard work by myself, our directors, and
members, we made a meaningful impact in this market place, playing
a fundamental role in educating investors and outside advisors about
private market securities, advocating for sound regulation, and
ultimately our biggest achievement, helping to get the offering
memorandum exemption adopted in Ontario.
From WEMA’s founding to the ultimate merger with the PCMA,
I’ve learned a lot. Far too many lessons to share here so I’ll just
keep to the most important one.
While the chip on my shoulder in regards to most regulators, bureaucrats, and politicians remains, my broad brush view of ‘the East’
was unfounded and just plain wrong. Many of those behind the
PCMA aren’t fundamentally that different than myself or those who
founded WEMA with me. We want the same things.
We want vibrant and healthy capital markets, in particular private
We want good investor protection but not at the cost of efficient
capital formation for entrepreneurs.
We want average Joes and Janes to have access to the same kind of
investment opportunities enjoyed by large pension funds and the
so-called smart money.
We want the private markets to be properly understood, treated with
respect, and most importantly to have a voice that never goes
unheard. As a unified voice, we’re closer than ever to making that
This first issue of the PCMA Private Investor magazine is a testament
to us being better together than apart.
Craig Skauge was the Founder of the National Exempt Market Association.
Mr. Skauge is currently a member of the Alberta Securities Commission
Exempt Market Dealer Advisory Committee and a former member of both
the Ontario Securities Commission Exempt Market Advisory Committee and
Small and Medium Enterprises Committee. Mr. Skauge is the President of
Olympia Trust Company. Recognized as a leader and national subject expert
on the Canadian Exempt Market. Mr. Skauge has been featured in the
Financial Post, Globe & Mail, and Investment Executive and is a regular
speaker at industry events.