Letter from the Editor | Issue 6
By: Cora Pettipas
Another quarter has come and gone, and we now offer you this newest issue of Exempt Edge Magazine. This magazine is a labour of love and a pleasure to distribute to the financial services community. Most of the articles each quarter are inspired from conversations we have with our members and re-occurring themes that come up in industry. It is meant to be an open dialogue with our members and the industry in general.
Here are some updates on what has been going on with our space and our industry this quarter:
NEMA Leadership Awards
We are nothing without our members. NEMA would like to formally acknowledge our most dedicated members for offering us their time and talents this year with our first annual leadership awards.
We would like to thank our Directors who have just completed their terms on our board: Steve Elliott, Yvonne Martin Morrison, Darris Cameron, and Stephanie McManus. All Directors who served last year have been presented with a Leadership Award in recognition for their selfless efforts in fostering industry excellence in the Canadian Exempt Market.
Kathleen Black, CCO of Pinnacle Wealth Brokers has also been awarded a distinction for her efforts in founding and chairing the CCO committee. This committee is vital to sharing best practises and attaining cost effective support for all industry compliance related issues.
The final group formally recognized with NEMA Leadership Awards for their efforts this year was our Education Committee. Through their efforts, Exempteducation.ca was built and launched in August 2013. Thank you to Chris Voegeli, Stephanie McManus, Nadine Wellwood, Marcin Drozdz, Steve Elliott, Kevin Wheeler, Evelyn Jacks, Eric Hansen, Rod Burylo, Craig Skauge, and Jenelle Miller.
At NEMA, we value transparency and accountability. NEMA sent out our annual audited financial statements and president’s report in July, so that all members could see our key strategic initiatives, our achievements, and how we are spending membership dollars. We had our AGM on August 22 and would like to welcome our newly elected Directors: Drew Adams, Richard Korble, Eric Cardinal, Andrew Rhee, Stephen Freedman, Craig Bentham, and Stephen Johnston. We are very proud of the ‘dream team’ we have assembled and look forward to the contributions of these talented individuals. You can find more detail in our cover article: Unity: The Exempt Market Comes Together for the Greater Good.
NEMA has partnered with Radius Financial Education in support of the WAISC (World Alternative Investment Summit Canada) education events. We are so pleased to be aligned with this excellent conference provider. WAISC Calgary and WAISC Niagara were very successful events with a lot of productive discussions about the future of Exempt Market, as well as proposed regulatory changes, especially in Ontario. We are looking forward to the next event: WAISC Vancouver, November 12, at the Fairmont Waterfront Hotel. If you would like to participate in or attend this conference, please contact Helen Bilhete, at firstname.lastname@example.org or you can visit waisc.com. We look forward to seeing you there!
The biggest piece of news this quarter in our industry came from the OSC regarding the OM Exemption. Published August 28, 2013, OSC Notice 45-712, stated: “Adopting an offering memorandum exemption in Ontario that is substantially harmonized with the existing offering memorandum exemption can also reduce investor and market participant confusion, simplify the capital raising process and reduce capital raising costs” (page 6). We would like to first thank the OSC for being so receptive to dialogues with us over the past couple of years, and for the initiatives they are contemplating.
We would also like to thank our membership base for being so active in this campaign to harmonize Ontario Exempt Market rules with the rest of Canada. Our association’s efforts are highlighted in Craig Skauge’s article in this issue When Pigs Fly. This is a victory for NEMA and our members.
NEMA now has almost 300 active members nationwide, and we heartily appreciate all their contributions. We have a strong culture of taking action; as opposed to just talking about action. We are pleased with what we have accomplished so far, and look forward to another great year working with members on building the integrity of our industry, so that both investors and business can profit. Please continue to keep in touch with your ideas, as NEMA is your industry, your voice, your future.