What are Exempt Market Dealers (EMDs)?

How are EMDs different?

Exempt market dealers, and the registered individuals who work for them, may act as a dealer or underwriter for any securities which are prospectus exempt, and also as a dealer for any investment funds which are prospectus qualified or prospectus exempt.

Exempt market dealers are different than:

• full service investment dealers which engage in exempt and retail trading and are required to be members of the self-regulatory organization, the Investment Industry Regulatory Organization of Canada (IIROC);
• mutual fund dealers which are restricted to trading in mutual funds and are required to be members of the self-regulatory organization, the Mutual Funds Dealers Association (MFDA);
• scholarship plan dealers which are restricted to trading in scholarship plans and educational trusts; and
• restricted dealers.