In September 2009, new securities regulations came into force across all Canadian jurisdictions that imposed a registration obligation on any person or entity in the business of trading in securities distributed under a prospectus exemption. This new Exempt Market Dealer (“EMD”) category was designed to provide to securities regulators increased oversight and regulation of market participants in the exempt market. Previously, only Ontario and Newfoundland and Labrador imposed a Limited Market Dealer registration obligation, but that category did not impose as significant obligations as the new EMD category.

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