The Canadian Securities Administrators (CSA) have published a number of Staff Notices and legislative proposals related to the exempt market in the last year. On November 10, 2011, the CSA published for comment CSA Staff Consultation Note 45-401 Review of Minimum Amount and Accredited Investor Exemptions (Consultation Note 45-401) examining the Minimum Amount Exemption ($150,000) and the Accredited Investor Exemption (presently set out in Section 2.10 and Section 2.3 of National Instrument 45-106 Prospectus and Registration Exemptions).

Consultation Note 45-401 is extremely important to those individuals and entities involved in raising capital in the exempt market in Canada. Your voice needs to be heard as the decisions made by the CSA could significantly impact how you raise capital in Canada.

The responses to this survey will be aggregated anonymously and used by the EMDA to prepare its response to the CSA. The aggregate results will also be posted on the EMDA website.