The Canadian Securities Administrators (the “CSA”) and the Ontario Securities Commission (the “OSC”) recently introduced amendments to the exempt market dealer (“EMD”) registration category. Some of these amendments will undoubtedly make it more difficult for EMDs to become registered or restrict their business activities. Experience As of January 11, 2015, the chief compliance officer (“CCO”)…

When National Instrument 31-103 – Registration Requirements, Exemptions and Ongoing Registrant Obligations (“NI 31-103”) came into force, it introduced a new category of registration for firms. NI 31-103 requires all managers, whether persons or companies, of investment funds to register as an Investment Fund Manager (“IFM”) unless an exemption is available.  IFMs direct the business,…