Articles

KYC and AML in Canada’s exempt market sit at the intersection of securities compliance and federal AML rules. Even when a dealer is involved, fund sponsors still need disciplined onboarding, beneficial ownership clarity, and consistent records. This guide explains the Ontario-focused framework, when PCMLTFA applies, what FINTRAC expects from securities dealers, and practical controls that reduce regulatory and reputational risk.

Enforcement in Canada’s exempt market often starts with a small set of recurring issues: unregistered dealing, weak NI 45-106 documentation, misleading marketing, conflicts, and incomplete KYC/AML files. This Ontario-focused guide explains what regulators look for, why issues escalate, and how fund managers can reduce avoidable regulatory exposure.

Canadian securities regulators routinely review private fund managers for compliance with NI 31-103, NI 45-106, and related rules. This article explains how OSC compliance reviews work, what regulators focus on, and how fund managers can respond in a structured, defensible, and disciplined way.

Canadian private funds often rely on NI 45-106 prospectus exemptions, but that doesn’t answer whether dealer registration is required. In Ontario, NI 31-103’s “business trigger” analysis looks at solicitation, frequency, compensation, and holding out. This article explains how the test applies to funds, common grey areas, and practical steps to reduce registration risk.

SEDAR+ is now the Canadian national platform for many securities regulatory filings, including exempt distribution reporting. Private issuers and fund sponsors need to understand NI 13-103, how Form 45-106F1 is submitted through SEDAR+, and why multi-jurisdiction offerings still require careful coordination.

Form 45-106F1 is the core exempt-market distribution reporting form in Canada. In Ontario, timing turns on the “distribution date,” and mistakes often happen in rolling closes, multi-province offerings, and investor classification. This guide explains when the form is required, how to file it properly, and the practical controls that reduce late fees, rejections, and compliance risk.

Canadian private fund sponsors commonly raise capital without a prospectus by relying on exemptions in NI 45-106, especially the accredited investor, minimum amount, and offering memorandum exemptions. This article explains how those exemptions work across Canada (with an Ontario focus), how filings and marketing fit in, and where NI 31-103 registration issues often arise.