a digital version of their KYC form and require its completion
before a trade is finalized – and a firms compliance officer can
access those completed KYC forms.
It’s vital to have a great CRM program, but we decided not to
include that functionality as part of Exempt Logic because there
are suc h great products out there in the market. Instead, we
chose to focus exclusively on making dealers and issuers more
efficient at raising money and closing offerings - and left the CRM
to the CRM experts.
Absolutely. We are able to integrate data between your CRM
program and Exempt Logic to let them work in tandem - which is
really the best of both worlds.
This can happen in one of two ways. We can send you a
file and you can input your historical data yourself, or we can
do it for you.
There has not been any recommendation or approval of our
product by any securities commissions nor any expected in the
future. However, Exempt Logic has been reviewed by the Manitoba
Securities Commission staff and certain recommendations were
made to improve the system. We do have plans to demonstrate
the software again to regulators and will incorporate any further
recommendations that they may have to improve Exempt Logic.
We designed Exempt Logic to be simple and intuitive,
so you can start using it right away. It walks you through the
same steps you’re already doing: creating new client accounts,
entering subscriber information, ensuring you have the personal
ID to open an account, recording signing authorities, noting who
the dealing representative was (and how much they’ll be getting
paid on commissions), confirming payment was received. It’s
everything you’ve always done, but now there’s a digital record
of it - all in one place.
We started developing the program in 2009 when I searched
for this type of software to use in my own business - and found
nothing. I decided to find development partners and make it
ourselves. In addition to managing the day-to-day functions of
our business, we identified an opportunity to connect with an
issuer’s offering, and designed a program that would work equally
well for dealers and issuers, solving problems from both sides.
By building in that two-way communication and
transparency, it builds confidence in the exempt market. Dealers
no longer have to wonder if they’re completing a subscription
form on an offering that is sold out. And issuers know exactly how
their offerings are selling, making their wholesalers’ time much
more valuable. We’ve already seen how increasing transparency
in other categories - like mutual funds - has benefitted the
investment fund industry as a whole. We wanted to give our
industry that same advantage.
Exempt Logic was ideally created for dealers who have between
one and 20 dealing representatives. The exempt market really lends
itself to these types of boutique investment firms. Our program allows
you to solve client account statement reporting needs and certain
dealer record keeping requirements without having to develop your
own in house system. Exempt Logic helps you be more efficient - and
it’s a significant added value feature for your dealing representatives.
We’ve found that many larger dealers have already built their
own software, but these solutions don’t allow you to transact
with issuers. We can use what is known as an API - basically
a plugin - in such cases to make your system better. We can
enhance what you’ve already done by adding transparency and
connectivity within your own reporting software.
Can Exempt Logic work with a client’s current
CRM program? 4
What about historical data? How have you
dealt with that? 5
Has a securities regulator looked at this? 6
What kind of learning curve can a new user expect? 7
When was Exempt Logic developed? 8
Why do you emphasize the idea of transparency? 10
Who is Exempt Logic for? 9