Some people ask their own clients, friends or relatives to invest a project by buying shares, and then earn a commission. In Ontario, only the registered dealers can do this. Ontario securities law requires that all those in the business of trading securities in the capital market must have a dealer licence. The most basic dealer license is the exempt market dealer (EMD). The dealer can earn commissions openly after being registered. It is illegal to be paid commissions from securities trading if you are not a registered dealer. This requirement applies not only to public listed companies, but also to private companies, since the shares of a private company are securities as well.