Letter From The Editor | Issue 4
By: Cora Pettipas
This has been a very productive quarter for NEMA. The theme of these past few months has been the power of collaboration, and that groups that are normally competitors can come together for the common good: to make a positive change. NEMA has worked hard to ‘gather the clans’ in industry on our strategic initiatives. We have been collaborating with associations and groups both inside and outside our industry, including regulators, in an effort to change the private capital markets in Canada so they are more harmonized and more efficient.
In an effort to keep up with industry needs, NEMA has just brought on two more team members: Jenelle Miller, Member Communications Co-ordinator, and Megan Cowan, Special Projects Co-ordinator. We heartily welcome them to our team and are thrilled to have their contributions of ideas, energy, and vast talents.
Our membership base is growing stronger as we close in on our second anniversary. We currently have 230 members nation-wide comprised of 90 dealing representatives and 140 corporate members made of Dealerships, Issuers, legal and support companies. Our members can be viewed on our website. The newest membership benefit we have initiated is an Olympia Trust no annual fee investment account for DRs. This benefit has been very popular among our membership base. We will strive to bring our members more benefits as opportunities arise.
NEMA has been advocating for a retail exempt market in Ontario and it appears that regulators are listening. Since the Exempt Market Review consultation paper 45-710 was published by the OSC, NEMA has been active in soliciting member and stakeholder feedback. In addition to a vast amount of email correspondence, NEMA participated in one-on-one conversations with over two hundred stakeholders in Ontario. We also held five of our own industry roundtable sessions in Toronto. I attended the January OSC public consultation session, and our president Craig Skauge and I also had a private meeting with the OSC. Our association wrote a report for the comment period, and encouraged all stakeholders to write in as well. The campaign efforts themselves were a tremendous success, please read the details of the results in the first article in this issue; The Marathon of Private Capital Change in Canada by Ryan Hoult.
NEMA’s Education committee has mandates that have them working with education providers. To build excellent quality and relevant education materials for advisor proficiency, NEMA is currently partnered with the Canadian Securities Institute (CSI) to accomplish this end. The committee is currently chaired by the writer.
Our CCO committee has accomplished collaboration by EMD CCOs and compliance lawyers. This committee is mandated with sharing and building industry best practises as well as assisting each others in regulatory requests that come up, so that our industry can cope with regulatory changes and potential ambiguities in a unified manner. This committee is chaired by Kathleen Black, CCO of Pinnacle Wealther Brokers.
NEMA has a newly formed Research Investment Practices committee. NEMA has partnered with the University of Alberta and Dr. Gary Smith on this initiative. The committee has two student spots that have been filled by two top finance students, Curtis Boulanger and Nathan Wood. One of the mandates of the committee is to come up with a standardized best practise for private investment rating for the Canadian exempt market. Other mandates will be created by the committee. This committee will be co-chaired by Bill McNarland of Pinnacle Wealth Brokers and Peter Kinkaide of Raintree Financial Solutions, two prominent industry researchers.
We are proud to present our members and industry with the fourth issue of our national industry publication. Thank you to all members who contributed to this publication. Please order physical copies directly through us. Digital copies and all past issues are publically accessible through our website, nemaonline.ca. Members are encouraged to contribute articles. The article and ad deadline for the next issue is May 15, 2013.
Members are more than welcome to participate in our committees as well as initiate their own projects for the development of our industry. All our work so far has been initiated by our members and it is a pleasure for us to serve our industry. NEMA is your industry, your voice, and your future.