Regulatory Alerts2021-06-17
Amendments to Policy Statement to Regulation 45-106 respecting Prospectus Exemptions
The regulator amends Policy Statement 45-106 to clarify the application of the offering memorandum exemption for syndicated mortgages and professional associations. The amendments define the borrower as the primary issuer of a syndicated mortgage and establish specific independence criteria for qualified appraisers to prevent conflicts of interest. Additionally, the changes mandate that appraisals disclose the fair market value of the property without considering proposed improvements to ensure accurate risk assessment for investors.
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