The Financial Services Regulatory Authority of Ontario (FSRA) is consulting on proposed guidance that outlines its approach for supervising mortgage brokerages and administrators that are engaged in syndicated mortgage investments (SMIs).
FSRA currently regulates all SMIs in Ontario. FSRA is preparing to transfer regulatory oversight of non-qualified SMIs being sold to less sophisticated investors to the Ontario Securities Commission (OSC). The transfer will provide SMI investors with protections that are consistent with other securities sold to the public.
FSRA’s proposed guidance will apply to mortgage brokerages and administrators that are engaged in SMIs remaining under FSRA oversight after the transfer. FSRA’s supervision approach will focus regulatory resources on the highest risk activities.
We invite you to submit feedback until September 21, 2020.
FSRA, the OSC and the Ministry of Finance continue to work collaboratively to facilitate the transfer of regulatory oversight of certain SMIs from FSRA to the OSC. For more information, please visit the websites of the Ministry of Finance, FSRA and the OSC.
- FSRA Consultation on Supervision Approach for Non-Qualified Syndicated Mortgage Investments (NQSMIs) with Permitted Clients and Legacy NQSMIs
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