CSA Staff Notice 45-328: Update on Amendments Relating to Syndicated Mortgages

1 CSA Staff Notice 45-328 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 February 25, 2021 Introduction On August 6, 2020, the Canadian Securities Administrators (the CSA or we) published the following amendments and changes relating to syndicated mortgages (collectively, the Final Amendments): • Regulation to amend Regulation 45-106 respecting Prospectus Exemptions and 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 and Amendments to Policy Statement to Regulation 31-103 respecting Registration Requirements, Exemptions and Ongoing Registrant Obligations. Certain jurisdictions also published associated local amendments (the Local Amendments) concurrently with the Final Amendments. Anticipated Implementation Timeline and Effective Date In the August 6, 2020 publication, it was contemplated that, subject to certain exceptions, the Final Amendments and the Local Amendments would take effect on March 1, 2021. We now confirm that the Final Amendments and the Local Amendments will take effect in all jurisdictions on March 1, 2021, except in Ontario and Québec.

2 In Québec, subject to requisite approvals, the Final Amendments and the Local Amendments are expected to take effect on July 1, 2021, at the earliest. A local notice confirming the exact effective date will be published, when determined. In Ontario, the Final Amendments and Local Amendments will become effective on the later of: (a) March 1, 2021; and (b) the day on which sections 4 and 5 of Schedule 37 to Bill 177, Stronger, Fairer Ontario Act (Budget Measures), 2017 are proclaimed into force. The proclamation, and therefore the effective date in Ontario, is expected to be July 1, 2021. 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

3 Jan Bagh Senior Legal Counsel 403 355-2804 jan.bagh@asc.ca 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 902 424-0179 jane.anderson@novascotia.ca