Welcome to the inaugural edition of Exempt Market
Update - published by the Exempt Market Dealers Association
of Canada (EMDA). This new national publication will bring
you the latest updates on regulatory change, compliance
practices, and leading insights into deal structures,
financial reporting, legal, accounting and other issues.
Our goal is to keep you up to date and help you successfully raise
capital in the exempt market.
Our members, and our readers, include exempt market
dealers (EMDs), exempt market issuers and professional advisors
in the exempt market. Our focus is driving regulatory change,
providing valuable services to our membership and encouraging
the highest standards of conduct in the exempt market.
We bring together leading EMDs across Canada and across
industry sectors from mining and oil and gas, to real estate,
mortgage investments, healthcare, technology and private equity.
Our contributing authors are leading voices in the exempt market
- they aren’t just commenting on the exempt market, they are
helping shape it.
The EMDA is driven by a simple concept – in a capital market
congested with well financed industry, investor and regulatory voices
- who will be the voice for the exempt market?
It has never been more important to focus on a credible and
national voice for EMDs then right now, and it needs to be a voice
that drives change, not just reacts to it. EMDs coast to coast tell us
that building a successful exempt market is about preserving the
right balance between the public and private markets, and between
investor protection and the ability to raise capital. The EMDA
continually advocates for a competitive exempt market which
feeds important early stage, emerging and developed companies,
and provides a critical investment alternative for Canadians.
In the two years since the fundamental change introducing
the exempt market dealer regime across Canada, regulators have
continued to focus on making reforms to the exempt market.
In 2011, we saw regulators propose: the regulation of securitized
products in the exempt market, new restrictions on brokerage
activity of EMDs, efforts to restrict EMDs from direct market
access and most significantly, a review of the Accredited Investor
and Minimum Amount Exemptions, many of these proposals
could significantly impact the ability to raise capital in the exempt
market. Not all change is bad, but we also know that not all
regulation is good.
Our next edition of the Exempt Market Update will focus on
what the regulators heard during their Accredited Investor and
Minimum Amount consultations, and where they may be headed in
making changes to the exempt market.
To be a passionate advocate for the exempt market across
Canada, we need you. Your membership in the EMDA helps build
a stronger voice in the exempt market, and yes, it also helps you.
EMDA members save money insuring their business, educating
their dealing representatives and protecting them against liability,
and by gaining access to resources to strengthen their business,
compliance practices, skills and professional networks.
Membership is about more than what you can get, it’s also
about what you can give. By working together, we can ensure our
exempt market reflects the highest standards of professionalism,
and is defended by a powerful voice for EMDs from Coast to
Coast. Join with us!
To ensure you receive our EMDA publications and to learn
more about the EMDA and the benefits of membership, please
visit our website at www.emdacanada.com.
For more information contact:
Exempt Market Update
Exempt Market Dealers Association of Canada