Privest and our Products and Services
Privest Wealth Management Inc. (“Privest”, “we” or “us”) is an exempt market dealer (“EMD”) registered with the Alberta Securities Commission as its primary regulator and registered in all provinces in Canada (excluding Prince Edward Island), providing investment opportunities in private issuers (“Issuers”) to qualified investors. Privest commenced operations on November 25, 2010 and is a corporation incorporated under the Business Corporations Act (Alberta).
All of the products offered by Privest are prospectus-exempt securities, which means they are offered without the Issuer having to file a prospectus or having the material reviewed by a securities regulator, and which securities are commonly called “exempt market securities”. Investors must qualify under specific exemptions in order to qualify to purchase exempt market securities, which exemptions might be based on an investor’s financial net worth or net assets, income, or other qualifications.
Our Dealing Representatives are individuals who are registered with one or more securities commissions of various provinces in which we offer services. Privest may offer a range of exempt market securities to clients but has no obligation to offer or continue offering any particular exempt market product to any client, as we are required to conduct separate due diligence for initial and any subsequent purchases.
Privest also offers access, through referral relationships, to registered Portfolio Managers and their managed account offerings; please ask your Dealing Representative.
All EMD accounts with Privest are “non-discretionary”, which means your DR cannot execute any transactions other than with your express written instruction via subscription agreements or similar documents.
Suitability and Know Your Client
We provide investment services through our Dealing Representatives (“DRs”) by:
(i) first performing a due diligence review of an investment product to determine eligibility as a product to be sold by Privest;
(ii) having a DR meet with clients to obtain information to determine the client’s eligibility to invest in exempt market securities, and the extent to which it may be suitable for the client to invest in exempt market securities; and
(iii) the DR working with their client to select suitable exempt market securities from our approved product listing.
Privest will collect personal information by having the Dealing Representative work with you to complete a Know Your Client (“KYC”) Form, which contains information including, but not limited to, your address, date of birth, Social Insurance Number (SIN) or other tax identification number occupation, income, detailed financial position and specific investment objectives, risk tolerance, time horizon, and investment knowledge. To comply with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and other relevant legislation, reasonable and appropriate measures are taken to establish the identities of clients, persons authorized to give instructions, beneficial owners and others, and we do not permit any transaction until the identity of a client is verified.
Your DR will make an assessment about whether you are eligible to purchase exempt product and whether a purchase of exempt product is suitable for you based upon this information. We encourage you to provide full and accurate information, as we will rely on it for determining suitability. We may be unable to facilitate purchases for clients who do not provide the necessary information as securities regulators require that we collect this information and use it to conduct our eligibility and suitability assessments.
As an EMD, Privest is obligated to make a suitability assessment for each purchase you make through us, prior to executing the transaction or at any other time. We reserve the right to refuse to execute any purchase which we believe to be unsuitable, in which case you may locate another dealer to provide those services to you if you wish. We will provide you with a copy of the KYC Form, as signed by you for your records, along with other disclosure documents that apply to your account.
Your Privest Dealing Representative
Your Privest Dealing Representative will review with you and update your KYC information, if required, for subsequent purchases you make through us and a new KYC form will be completed if the KYC form is no longer current or if there has been a material change in your information that could result in a change to the types of investments appropriate for you, (such as a change in your income, investment objectives, risk tolerance, time horizon, or net worth). It is important for you to keep your information current with us. We encourage you to contact your Dealing Representative if any of your information has changed, or if you have questions about any transactions or investments that you have made through Privest. Please review all account documentation copies we provide to you, along with your confirmations or statements, in order that you are well-informed.
Third-Party Self-Directed Registered Plans (RSP, RIF, TFSA, etc.)
If you choose to purchase an exempt market security in a registered plan, Privest will introduce you to a third-party Trustee who has agreed to hold such securities in a self-directed registered plan, which Trustees include Olympia Trust, Canadian Western Trust, Computershare, Questrade, or Western Pacific Trust or others. Some Trustees may not handle certain exempt products in certain plans. Privest will make Trustee applications and forms available for you to complete and sign and Privest will be listed as the Dealer that sold you investments in your third-party self-directed registered plan, and those forms will include instructions on how to make any cheques payable. These are forms of the Trustees and are not Privest forms.