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
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
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 CommissionDavid SuratSenior Legal Counsel, Corporate Finance416.593.8052Matthew AuSenior Accountant, Corporate Finance416.593.8132Melissa TaylorLegal Counsel, Corporate Finance416.596.4295Paul HaywardSenior Legal Counsel, Compliance and Registrant Regulation416.593.8288Alberta Securities CommissionLanion BeckSenior Legal Counsel403.355.3884Jan BaghSenior Legal Counsel403.355.2804Autorité des marchés financiersAlexandra LeeSenior Policy Adviser514.395.0337, ext. 4465British Columbia Securities CommissionLeslie RoseSenior Legal Counsel, Corporate Finance604.899.6654Financial and Consumer Affairs Authority of SaskatchewanMikale WhiteLegal Counsel, Securities Division306.798.3381Financial and Consumer Services Commission (New Brunswick)Ella-Jane LoomisSenior Legal Counsel, Securities506.453.6591Manitoba Securities CommissionSarah HillLegal Counsel204.945.0605Nova Scotia Securities CommissionH. Jane AndersonExecutive Director and Secretary to the Commission902.424.0179