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 Posté le: Mar Oct 01, 2013 9:12 am Sujet du message: Local businessmen sound investment regulation alar |
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{Local businessmen sound investment regulation alarm}
Venture Company Association co-founder Joe Martin: a lack of investment in junior exploration companies will reduce employment in B.C.'s mining sector|Sean KolenkoBy Sean KolenkoTue May 28, 2013 12:01am PSTA February phone call from business consultant Don Mosher to friend Joe Martin started innocently enough – Mosher wanted to "rant" about how new regulations were stifling venture capital investment.And rant he did."I was frustrated with some of the rules and regulations that impede business from moving forward," Mosher told Business in Vancouver. "In our case specifically, raise capital."Mosher's planned diatribe quickly morphed into a strategy session.He and Martin soon began planning the Venture Funding Crisis Committee, a group composed of local businesspeople aimed at discussing the roadblocks faced by firms such as junior mining companies when attempting to lure investment.But now, less than three months from Mosher's initial call, the pair are poised to expand their initiative and launch the Venture Company Association (VCA).The new non-profit society and its aims were on the program at the May 26 to 27 World Resource Investment Conference (WRIC) at the Vancouver Convention Centre West.Unlike the Venture Funding Crisis Committee, the VCA will collect dues and will be able to hire companies to lobby the government to remove restrictive regulations and other red tape.Mosher said one potential target could be Investment Industry Regulatory Organization of Canada's (IIROC) recently published Client Relationship Model – a sweeping document that covers everything from conflict of interest to transparency to risk tolerance concerns.IIROC is one of three levels of market oversight. The others are the various provincial securities commissions and the compliance departments housed within investment firms.In particular,[url=http://www.moncler-sale.org]moncler on sale[/url], Mosher singled out the "know your client" rule in the Customer Relationship Model, which stipulates that client and broker need to know the product or company being traded. Because of the inherent speculative nature of the TSX-Venture Exchange, Mosher said it's impossible for a broker to know every company listed. Such a reality may keep a broker from taking an order.Mosher's partner Martin,[url=http://www.moncler-sale.org]discount moncler jackets[/url], who also sits as chairman of WRIC organizing firm Cambridge House International, stressed that added barriers to investment will cost jobs throughout the mining industry."It's the small,[url=http://www.moncler-sale.org]moncler down jackets[/url], junior companies that create the jobs, and Vancouver is the centre of the universe for junior companies," Martin told BIV."If we lose investment in our venture capital markets, we lose jobs. And our geology schools – there won't be jobs for those guys either."Compounding regulatory complications is the mining sector's well-documented drop in revenue.For instance, B.C.'s mining revenue dropped to $9.2 billion in 2012 from $9.9 billion in 2011.Jerry Huang, investment relations manager for Energold Drilling Corp. (TSX-V:EGD), a Vancouver-based drilling company, said the combination of red tape and declining revenue will force investors to look for safer places to put their money."There is no appetite for risk. There is definitely money out there, but investors are not looking for high-risk,[url=http://www.moncler-sale.org]moncler on sale[/url], high-reward investments. And while there is a place for compliance and scrutiny, it's making things harder for junior companies. I'm not sure now is the best time for adding stiff regulations in light of the challenges the junior market will face in the coming year."Federal mining tax credit lives another yearAs part of its Economic Action Plan platform,[url=http://www.moncler-sale.org]discount moncler jackets[/url], the federal government announced last week it will extend its Mineral Exploration Tax Credit (METC) until the end of 2013.The METC is a 15% tax credit for investors on flow-through shares – which allow oil and mineral exploration companies to pass tax breaks on to investors – aimed at helping junior mining companies raise new investment."Mining continues to be a cornerstone of the Canadian economy,[url=http://www.moncler-sale.org]moncler outlet[/url], providing employment and benefits to communities across the country," said Natural Resources Minister Joe Oliver."Mining is directly responsible for 330,[url=http://www.moncler-sale.org]moncler sale[/url],00 Canadian jobs. These are first-rate jobs in a growing industry."According to Natural Resources Canada, the METC can be applied only to mineral exploration projects conducted at or above ground. It has no bearing on oil and gas expenses, coal or underground exploration.For more information on the METC,[url=http://www.moncler-sale.org]moncler sale[/url], visit nrcan.gc.ca.Tags: natural resources, securities,[url=http://www.moncler-sale.org]moncler outlet[/url], Energold Drilling Corp.,[url=http://www.moncler-sale.org]moncler down jackets[/url], Investment Industry Regulatory Organization of Canada, investments, mining
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