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Canadian securities administrators publish final amendments to syndicated mortgage regime

TORONTO, Aug. 6, 2020 /CNW/ - The Canadian Securities Administrators (CSA) today published final amendments that substantially harmonize the regulatory framework for syndicated mortgages in Canada.

These final amendments will:

  • remove the prospectus and registration exemptions that currently apply to syndicated mortgages in certain jurisdictions to substantially harmonize the regulatory framework for distributions of syndicated mortgages in Canada,

  • enhance investor disclosure through revisions to the offering memorandum prospectus exemption for offerings of syndicated mortgages under that exemption, and

  • exclude syndicated mortgages from the private issuer exemption, ensuring they are offered under an exemption more appropriate for this type of security.

"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.

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 media@acvm-csa.ca.

For more information:                                                                                                                     

Kristen Rose 
Ontario Securities Commission
416-593-2336 

Hilary McMeekin
Alberta Securities Commission 
403-592-8186



Sylvain Théberge
Autorité des marchés financiers 
514-940-2176         

Jason (Jay) Booth
Manitoba Securities Commission
204-945-1660



Briann Kladko  
British Columbia Securities Commission
604-899-6713  

Steve Dowling
Superintendent of Securities, Department of 
Justice and Public Safety,
Prince Edward Island 
902 368-4550 



Sara Wilson  
Financial and Consumer Services
Commission, New Brunswick   
506-643-7045

David Harrison
Nova Scotia Securities Commission
 902-424-8586



Renée Dyer 
Office of the Superintendent of Securities, 
Service NL   
709-729-4909                                                           

Rhonda Horte
Office of the Yukon Superintendent of
Securities       
867-667-5466



Jeff Mason  
Nunavut Securities Office
867-975-6591   

Tom Hall
Northwest Territories      
Office of the Superintendent of Securities
867-767-9305



Shannon McMillan
Financial and Consumer Affairs
Authority of Saskatchewan
306-798-4160


 

SOURCE Canadian Securities Administrators


Cision
Cision

View original content: http://www.newswire.ca/en/releases/archive/August2020/06/c9690.html