The British Columbia Securities Commission (BCSC) announced a change in policy yesterday that will impact mortgage syndicators and MICs.
BCSC has indicated that they will not be renewing the Exemption from Dealer Registration Requirement for Trades in Securities of Mortgage Investment Entities (BCI 32-517), which provides conditional registration relief in BC for mortgage investment entities (MIEs). The registration exemption will cease to be effective February 15, 2019.
CMBA-BC is preparing for a meeting with BCSC on August 29 to discuss this important change. We will be seeking answers to questions on how BC MICs and syndicators can comply with the Securities Dealer Registration Requirements, and in particular, we will be seeking a response to the questions which we posed in CMBA's letter to the Securities Commissions