For the first time in three years, the Ontario Securities Commission (OSC) has sent Ontario registrants a risk assessment questionnaire that must be completed by portfolio managers, investment fund managers, exempt market dealers, restricted portfolio managers and restricted dealers registered in Ontario. The OSC intends to use the data gathered through the questionnaire to inform its decisions about “which firms require further attention and oversight”.
In some cases, the questionnaire may put recipient registrants at risk of admitting working capital deficiencies, inappropriate marketing practices and other potential violations. As a result, it is important that answers be considered carefully. The … Continue Reading
British Columbia, Ontario and Canada announced yesterday their agreement to establish a national securities regulator through a cooperative model. The cooperative model is intended to facilitate the launch of a national securities regulator after a 2011 Supreme Court of Canada decision that the provinces enjoy much more constitutional authority to regulate securities law than the federal government… Continue Reading
In a recent Staff Notice, the Ontario Securities Commission clarified that a mortgage investment entity (MIE) is not a non-redeemable investment fund if it invests in mortgages in the following manner:
- the issuer proposes to invest all or substantially all of its assets in a pool of mortgages;
- the mortgages purchased by the MIE are originated and serviced by one or more mortgage originators (each, an Originator);
- the Originator may use the MIE as a source of funding for the Originator’s mortgage lending business.
According to OSC Staff, regardless of whether the Originator is the MIE’s manager, … Continue Reading