4 - Distribution Requirements

Decision Information

CSA Staff Notice 45-326

Collection	4 - Distribution Requirements
Date	2019-12-11
File numbers	MSC Notice 2019-28
Decision type	CSA Staff Notice
Jurisdiction	Manitoba Securities Commission
Notes	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

Decision Content

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

dsurat@osc.gov.on.ca

Matthew Au

Senior Accountant, Corporate Finance

416.593.8132

mau@osc.gov.on.ca

Melissa Taylor