What is the Exempt Market?

The "exempt securities market" in Canada describes the portion of the capital markets for which certain exemptions are provided under provincial securities legislation from the full requirements of prospectus disclosure and certain retail client sales requirements. This section of the capital markets is also known as the Private Capital Market. 

Source: https://www.pcmacanada.com/page/ESM?

Examples of activity in the exempt market include:

Generally, securities offered to the public in Ontario must be offered under a prospectus, which is a document that provides detailed information about the security and the company offering it. However, there are some exceptions to this rule that allow securities to be offered without a prospectus, called prospectus exemptions. These prospectus exemptions can help a company raise money without the time and expense of preparing a prospectus.

Investors who buy securities through prospectus exemptions generally do not have the benefit of ongoing information about the security that they are buying or the company selling it. As well, they often do not have the ability to easily resell the security.

Source: http://www.osc.gov.on.ca/en/exempt-market.htm#what-is-the-exempt-market

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