EMD and EB-5 Compliance: An Exempt Market Dealer (EMD) plays a critical regulatory role when a Canadian client invests in a U.S. EB-5 offering. Even though EB-5 is not a Canadian security, Canadian securities laws apply if the investor resides in Canada. The EMD is responsible for verifying the client’s eligibility under a prospectus exemption, collecting full KYC information, conducting a documented suitability assessment, delivering all required disclosure documents, supervising and approving the subscription agreement, filing required exempt distribution reports, and maintaining records in accordance with NI 31-103 and NI 45-106. The EMD ensures the investment is compliant, transparent, and appropriate for the client.