When the payment was made by Birch, GWR would have considered paying him a research fee, but found that there had been no agreement in this regard and that it was in any case prohibited to make such a payment within the existing legal framework. Ron Birch, the Finder in this case, has worked in the securities industry since the 1980s and was registered as an investment advisor for several years before dropping out of registration in the 1990s. In “around 2009 or 2010″2, there was talk of finding investors for GWR Resources (GWR), a mineral exploration company. Birch was not a GWR employee at the time, and the agreement was informal. The president of the GWR told him to find “some money and we will take care of them.” 3 There was no written agreement, but Birch took the statement to indicate that he would receive a research fee if he located investors. Not surprisingly, Birch, when meetings led to a $1.8 million investment in GWR, expected to be paid. Remember, according to REBBA 2002, “trade” refers to a sale or acquisition or transaction in real estate by the sale, purchase, purchase, purchase, purchase, option, lease, lease, lease or any other means and any offer or attempt to note real estate for the purpose of such a provision, acquisition or transaction, and any deed , advertising, execution or transaction, directly or indirectly, to promote an injunction, purchase, transaction, offer or essay, and the verb “trade” has a corresponding meaning. 25. The “Northwestern Exemption,” which is defined in BC Instrument 32-513 Registration Exemption For Trades In Connection with certain Prospectus-Exempt Distributions, is commonly used by investment researchers. This exception allows persons who have never been registered as discoverers in the four western provinces and territories to act, under certain conditions, such as filing a notification with the Financial Markets Authority in the jurisdictions where they conduct investigative activities.