CSA Staff Notice 45-326: Update on Amendments Relating to Syndicated Mortgages

1 CSA Staff Notice 45-326 Update on amendments relating to Syndicated Mortgages: Regulation to amend Regulation 45-106 respecting Prospectus Exemptions Regulation to amend Regulation 31-103 respecting Registration Requirements, Exemptions and Ongoing Registrant Obligations Amendments to Policy Statement to Regulation 45-106 respecting Prospectus Exemptions Amendments to Policy Statement to Regulation 31-103 respecting Registration Requirements, Exemptions and Ongoing Registrant Obligations 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): • draft Regulation to amend Regulation 45-106 respecting Prospectus Exemptions and draft Regulation to amend Regulation 31-103 respecting Registration Requirements, Exemptions and Ongoing Registrant Obligations; • draft Amendments to Policy Statement to Regulation 45-106 respecting Prospectus Exemptions and draft Amendments to Policy Statement to Regulation 31-103 respecting Registration Requirements, Exemptions and Ongoing Registrant Obligations; and • draft 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

2 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: Autorité des marchés financiers Alexandra Lee Senior Policy Adviser 514 395-0337, ext. 4465 alexandra.lee@lautorite.qc.ca 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 Legal Counsel, Corporate Finance 416 596-4295 mtaylor@osc.gov.on.ca Paul Hayward Senior Legal Counsel, Compliance and Registrant Regulation 416 593-8288 phayward@osc.gov.on.ca Alberta Securities Commission Lanion Beck Senior Legal Counsel 403 355-3884 lanion.beck@asc.ca Jan Bagh Senior Legal Counsel 403 355-2804 jan.bagh@asc.ca

3 British Columbia Securities Commission Leslie Rose Senior Legal Counsel, Corporate Finance 604 899-6654 lrose@bcsc.bc.ca Financial and Consumer Affairs Authority of Saskatchewan Mikale White Legal Counsel, Securities Division 306 798-3381 mikale.white@gov.sk.ca Financial and Consumer Services Commission (New Brunswick) Ella-Jane Loomis Senior Legal Counsel, Securities 506 453-6591 ella-jane.loomis@fcnb.ca Manitoba Securities Commission Sarah Hill Legal Counsel 204 945-0605 sarah.hill@gov.mb.ca Nova Scotia Securities Commission H. Jane Anderson Executive Director and Secretary to the Commission 902 424-0179 jane.anderson@novascotia.ca