Firms and individuals that participate in the marketing and sale of securities in the exempt market must be aware of National Instrument 31-103 and its implications on their securities-related activities, including the requirement for those in the business of trading in securities in reliance on prospectus exemptions to be registered as an exempt market dealer (EMD) in each province and territory in which they carry on their activities.

type Investment Management Advisory - August 2009 - What's New? National Instrument 31-103: Exempt Market Dealers