CSA Staff Notice 45-326
Update on:
Amendments to National Instrument 45-106 Prospectus Exemptions and National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations
and Changes to Companion Policy 45-106CP Prospectus Exemptions and Companion Policy 31-103CP Registration Requirements, Exemptions and Ongoing Registrant Obligations relating to Syndicated Mortgages |
December 11, 2019
Introduction
The Canadian Securities Administrators (the CSA or we) published for comment the following proposed amendments and changes relating to syndicated mortgages (collectively, the Amendments):
• proposed amendments to National Instrument 45-106 Prospectus Exemptions and National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations;
• proposed changes to Companion Policy 45-106CP Prospectus Exemptions and Companion Policy 31-103CP Registration Requirements, Exemptions and Ongoing Registrant Obligations; and
• proposed associated local amendments.
The Amendments were originally published for comment on March 8, 2018, and revised proposals were published for a second comment period on March 15, 2019 (the 2019 Proposal). We received 11 comment letters in response to the 2019 Proposal.
Anticipated Implementation Timeline and Effective Date
The 2019 Proposal contemplated that the Amendments would take effect on December 31, 2019. We now anticipate that the Amendments will take effect in July 2020, subject to requisite approvals. In early 2020, we will provide additional details regarding the anticipated implementation timeline and effective date.
Questions
Please refer your questions to any of the following:
Ontario Securities Commission
David Surat
Senior Legal Counsel, Corporate Finance
416.593.8052
Matthew Au
Senior Accountant, Corporate Finance
416.593.8132
Melissa Taylor
Legal Counsel, Corporate Finance
416.596.4295
Paul Hayward
Senior Legal Counsel, Compliance and Registrant Regulation
416.593.8288
Alberta Securities Commission
Lanion Beck
Senior Legal Counsel
403.355.3884
Jan Bagh
Senior Legal Counsel
403.355.2804
Autorité des marchés financiers
Alexandra Lee
Senior Policy Adviser
514.395.0337, ext. 4465
British Columbia Securities Commission
Leslie Rose
Senior Legal Counsel, Corporate Finance
604.899.6654
Financial and Consumer Affairs Authority of Saskatchewan
Mikale White
Legal Counsel, Securities Division
306.798.3381
Financial and Consumer Services Commission (New Brunswick)
Ella-Jane Loomis
Senior Legal Counsel, Securities
506.453.6591
Manitoba Securities Commission
Sarah Hill
Legal Counsel
204.945.0605
Nova Scotia Securities Commission
H. Jane Anderson
Executive Director and Secretary to the Commission
902.424.0179