CCO Qualifying Practice Questions - Chief Compliance Officers Qualifying Examination Exam

EMDs are registered with provincial securities commissions, whereas Investment Dealers are registered directly with the federal government. EMDs are permitted to act as an underwriter in any distribution of securities, whereas Investment Dealers are restricted to debt issues. Investment Dealers must be members of the Canadian Investment Regulatory Organization (CIRO), whereas EMDs are not required to be SRO members. Investment Dealers are limited to trading prospectus-exempt securities, whereas EMDs can trade both prospectus-exempt and prospectus-qualified securities.