Les Autorités canadiennes en valeurs mobilières ont publié des projets de modification concernant le Règlement 45-106 sur les dispenses de prospectus (le « Règlement 45-106 ») et le Règlement 31-103 sur les obligations et dispenses d'inscription et les obligations continues des personnes inscrites (le « Règlement 31-103 ») qui se traduiraient par les mesures suivantes :

  • Élimination des dispenses de prospectus et d’inscription pour le placement de créances hypothécaires syndiquées, là où ces dispenses sont offertes;
  • introduction de conditions supplémentaires à la dispense pour placement au moyen d’une notice d’offre qui s’appliquent lorsque la dispense sert à placer des créances hypothécaires syndiquées; et
  • modification de la dispense de prospectus pour l’émetteur fermé de sorte qu’elle ne puisse être invoquée pour le placement de créances hypothécaires syndiquées.

Une traduction de ce billet sera disponible prochainement.

The Canadian Securities Administrators have published proposed amendments to National Instrument 45-106 Prospectus Exemptions (45-106) and National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations (NI 31-103) which would:

  • Remove the prospectus and registration exemptions for the distribution of syndicated mortgages, where available;
  • Introduce additional requirements to the offering memorandum exemption that apply when used to distribute syndicated mortgages; and
  • Amend the private issuer exemption so that it is not available for the distribution of syndicated mortgages.

It is the CSA’s view that the offering of syndicated mortgages raises investor protection concerns, especially when sold to retail investors, because, among other things they may be:

  • Sold on the basis of projected values of a completed development;
  • Used to raise seed financing; and/or
  • Subordinated to future financings.

While prospectus exemptions are currently available in all Canadian jurisdictions for securities that are mortgages sold by a licensed mortgage broker, in certain jurisdictions – Alberta, British Columbia, Manitoba, New Brunswick, Quebec and Saskatchewan – these exemptions are not available for syndicated mortgages. The proposed amendments are aimed at introducing additional investor protections and increasing harmonization across Canada.

The CSA is accepting written comments on the proposed amendments until June 6, 2018. For further information, please see CSA Notice and Request for Comment Proposed Amendments to National Instrument 45-106 Prospectus Exemptions and National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations relating to Syndicated Mortgages and Proposed Changes to Companion Policy 45-106CP Prospectus Exemptions (March 8, 2018).