Articles

Practical commentary on securities law, exempt market compliance, fund formation, investor reporting, and private capital markets.

Jul 3, 2026

What is a Private Placement Memorandum (PPM)?

A private placement memorandum (PPM) is a disclosure document commonly used in Ontario exempt market offerings, especially under the accredited investor exemption. Although generally not required by securities legislation, a PPM supports investor disclosure, compliance, and risk management. This article explains what a PPM is, how it differs from an offering memorandum (OM), and when issuers use one.

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