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Aug 06, 2020
Toronto – The Canadian Securities Administrators (CSA) today published final amendments that substantially harmonize the regulatory framework for syndicated mortgages in Canada.
These final amendments will:
“These changes substantially harmonize the regulatory framework for syndicated mortgages in Canada, enhancing investors’ ability to make informed decisions about these investments and enabling registrants who distribute these products to better fulfil their obligations,” said Louis Morisset, CSA Chair and President and CEO of the Autorité des marchés financiers.
The CSA first published proposed changes to the syndicated mortgage regime in 2018 and conducted two comment periods to gather feedback.
Due to the effects of the COVID-19 pandemic, to allow time for stakeholders to implement the changes, the final amendments will come into effect on March 1, 2021.
As part of the Notice published today, certain jurisdictions are publishing material regarding local exemptions for qualified syndicated mortgages and for syndicated mortgages distributed to permitted clients or institutional investors. These publications can be found on the applicable jurisdiction’s website.
The websites of CSA members contain the CSA Notice, which outlines the amendments made to National Instrument 45-106 Prospectus Exemptions and National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations, as well the accompanying companion policies, and any local amendments.
The CSA, the council of the securities regulators of Canada’s provinces and territories, co-ordinates and harmonizes regulation for the Canadian capital markets.
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For Investor inquiries, please refer to your respective securities regulator. You can contact them here.
For media inquiries, please refer to the list of provincial and territorial representatives below or contact us at firstname.lastname@example.org.
Kristen Rose Ontario Securities Commission 416-593-2336 email@example.com
Sylvain Théberge Autorité des marchés financiers firstname.lastname@example.org
Brian Kladko British Columbia Securities Commission email@example.com
Sara Wilson Financial and Consumer Services Commission, New Brunswick 506-643-7045
Renée Dyer Office of the Superintendent of Securities Newfoundland and Labrador 709-729-4909
Jeff Mason Nunavut Securities Office 867-975-6591
Shannon McMillan Financial and Consumer Affairs Authority of Saskatchewan 306-798-4160
Hilary McMeekin Alberta Securities Commission 403-592-8186
Jason Booth The Manitoba Securities Commission 204-945-1660
Steven Dowling Government of Prince Edward Island Superintendent of Securities 902-368-4550
David Harrison Nova Scotia Securities Commission 902-424-8586
Rhonda Horte Office of the Yukon Superintendent of Securities 867-667-5466
Tom Hall Office of the Superintendent of Securities, Northwest Territories 867-767-9305