Regulatory Alerts2019-03-15
Draft Regulation to amend Regulation 45-106 respecting Prospectus Exemptions regarding Syndicated Mortgages
The Canadian Securities Administrators issued this draft regulation to amend Regulation 45-106 by introducing specific prospectus exemptions and disclosure requirements for syndicated mortgages. The amendments define key terms such as syndicated mortgage and qualified appraiser, and mandate that issuers provide independent appraisals and detailed offering memorandums to investors. These changes aim to enhance investor protection by requiring comprehensive disclosure of risks, property valuations, and the financial standing of parties involved in syndicated mortgage distributions.
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