TORONTO, Aug. 6, 2020 /CNW/ - The Ontario Securities Commission (OSC) today published for comment amendments to its local prospectus and registration exemptions regarding syndicated mortgages. These proposed local amendments, together with final amendments published by the CSA today, facilitate the transfer of regulatory oversight of certain syndicated mortgage investments to the OSC.

In response to stakeholder feedback, the local amendments now clarify the definition of qualified syndicated mortgage and include prospectus and dealer registration exemptions for distributions of syndicated mortgages to a permitted client by a person or company licensed under the Mortgage Brokerages, Lenders and Administrators Act, 2006.

Firms that are not currently registered with the OSC and whose activities include distributing non-qualified syndicated mortgages to retail investors should submit an application for registration as soon as possible. For registration inquiries, please contact [email protected].

Stakeholders are invited to provide comments on the proposal until September 21, 2020.

The proposed amendments to OSC Rule 45-501 Ontario Prospectus and Registration Exemptions can be found on the OSC's website.

The final CSA amendments to National Instrument 45-106 Prospectus Exemptions and National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations can be found on the OSC's website.

The Financial Services Regulatory Authority of Ontario (FSRA), the OSC and the Ministry of Finance continue to work collaboratively to facilitate the transfer of regulatory oversight of certain syndicated mortgage investments from FSRA to the OSC. For more information, please visit the websites of the Ministry of Finance, FSRA and the OSC.

The mandate of the OSC is to provide protection to investors from unfair, improper or fraudulent practices, to foster fair and efficient capital markets and confidence in the capital markets, and to contribute to the stability of the financial system and the reduction of systemic risk.  Investors are urged to check the registration of any persons or company offering an investment opportunity and to review the OSC investor materials available at http://www.osc.gov.on.ca.

Follow us on Twitter
Follow us on LinkedIn

SOURCE Ontario Securities Commission

View original content: http://www.newswire.ca/en/releases/archive/August2020/06/c9056.html