The Issuer of units in the Fund is an ‘Exempt Market Dealer’ (EMD) and is registered with the Securities Commissions of British Columbia and Alberta and will activate registration in Saskatchewan, Manitoba, and Quebec mid-2018. The Issuer shall apply to the Ontario Securities Commission for registration as an EMD in 2018. This registration allows the dealer to provide advice and deal in “Exempt Market Securities” to “Qualified Investors”. As an exempt market dealer, Pendfund Income Fund Inc. does not perform portfolio analysis in respect of securities that it does not directly distribute. Investors should obtain financial advice from a registered individual, or legal, or other qualified professional, to evaluate their portfolio. Pendfund Income Fund Inc. is a member of the Private Capital Markets Association of Canada.
The Conduct of the EMD is governed as to policy and procedure by securities legislation. It is monitored and regularly audited for compliance by securities commission regulators. EMD’s are held accountable for all practices, are bound to follow strict code of policy and ethics and required by law to act in good faith and in the exclusive best interests of their clients. The EMD files audited financial statements and maintains minimum levels of working capital and insurance.
In order to obtain registration, the EMD must pass proficiency exams and be strictly qualified as to character and reputation to become licensed.
The EMD is expert at underwriting and investment into exempt market securities. The license permits raising capital in various industries such as loan/debt products, real property, mining, oil & gas, technology and manufacturing, etc..
In the unlikely event a stalemate issue arises, there is a free of charge independent dispute resolution service with the Ombudsman for Banking Services and Investments. Disputes in amounts not greater than $350,000 are resolved by independent industry experts. Form more information regarding Ombudsman fir Banking Services and Investments, please click the link here.