• Securities Regulators Provide Guidance on Registration Obligations for Mortgage Investment Entities
  • March 15, 2011 | Authors: Jason J. Brooks; Jeremy Stuart T. Farr; Marsha P. Gerhart
  • Law Firms: Borden Ladner Gervais LLP - Vancouver Office ; Borden Ladner Gervais LLP - Ottawa Office ; Borden Ladner Gervais LLP - Toronto Office
  • On February 25, 2011, the Canadian Securities Administrators published CSA Staff Notice 31-323 Guidance Relating to the Registration Obligations of Mortgage Investment Entities [available here], which provides long awaited guidance on how the registration requirements under National Instrument 31-103 Registration Requirements and Exemptions apply to mortgage investment corporations (MICs), mortgage syndications and other mortgage investment entities. Although the Staff Notice provides some additional clarity on the application of these rules, a number of questions remain unanswered. In addition, the Staff Notice highlights that the members of the CSA have not come to a uniform position about these vehicles, with different positions being taken by the securities regulators in Alberta and British Columbia.