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Glossary term
EMD — Exempt Market Dealer
Exempt Market Dealer — CSA-licensed firm category that distributes exempt market securities (MICs, private REITs, development LPs) to Eligible/Accredited investors. Cannot sell public market securities.
Related terms
CIRO
Canadian Investment Regulatory Organization — SRO regulating investment dealers (former IIROC) and mutual fun…
NRD
National Registration Database — CSA's central registry of all licensed financial professionals in Canada. Ev…
MIC
Mortgage Investment Corporation — special Canadian corporate form (ITA §130.1) for pooled mortgage lending. 1…
REIT
Real Estate Investment Trust — trust owning income-producing real estate. Public REITs trade on TSX. Private…
NoA
Notice of Assessment — CRA document issued after tax return processing. Contains your next-year RRSP room, TF…
OBSI
Ombudsman for Banking Services and Investments — independent Canadian complaints channel for banks + investme…
Frequently asked questions
What is an Exempt Market Dealer (EMD)?
A registration category under NI 31-103 — a licence to distribute private (exempt) securities: private MICs, REITs, development LPs — to Eligible and Accredited investors.
How does an EMD differ from a bank or CIRO dealer?
Banks and CIRO dealers handle public products (ETFs, mutual funds, stocks). An EMD has access to the private market. They're two different licences and 'shelves' — for the private market you go to an EMD.
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