Section 1, definition "syndicated mortgage" BEFORE amended by BC Reg 226/2009, effective September 28, 2009.
"syndicated mortgage" means a security that provides an investment arrangement in which a person participates, together with others, as a mortgagee through the acquisition of a portion of a debt obligation that is secured by a mortgage.
Section 3 BEFORE re-enacted by BC Reg 226/2009, effective September 28, 2009.
Restriction on exemption under section 46 (e) of the Act
3 Unless the purchaser of the securities is an institutional investor, the exemption under section 46 (e) of the Securities Act does not apply to a person making a trade of a security if
(a) the security is a debt obligation that is secured by a mortgage, or other encumbrance, on property that is not real property, or
(b) the security is a syndicated mortgage.
Section 3 BEFORE amended by BC Reg 238/2014, effective January 11, 2015
Syndicated mortgages — registration not required for trades to institutional investors
3 Despite section 8.12 (3) of National Instrument 31-103 Registration Requirements and Exemptions, the dealer registration requirement does not apply in respect of a trade in a syndicated mortgage made to an institutional investor.
Section 3 BEFORE re-enacted by BC Reg 49/2021, effective March 1, 2021.
Syndicated mortgages — registration not required for trades to institutional investors
3 Despite section 8.12 (3) of National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations, the dealer registration requirement does not apply in respect of a trade in a syndicated mortgage made to an institutional investor.
[en. B.C. Reg. 226/2009, Sch. D, s. 2; am. B.C. Reg. 238/2014, App. D, s. 5.]
Section 4 BEFORE re-enacted by BC Reg 226/2009, effective September 28, 2009.
Restriction on exemption under section 75 (a) of the Act
4 Unless the purchaser of the securities is an institutional investor, the exemption under section 75 (a) of the Securities Act does not apply to a person making a distribution of a security described in section 46 (e) of the Securities Act if
(a) the security is a debt obligation that is secured by a mortgage, or other encumbrance, on property that is not real property, or
(b) the security is a syndicated mortgage.
Section 4 BEFORE amended by BC Reg 67/2015, effective May 5, 2015.
Syndicated mortgages — prospectus not required for distributions to institutional investors
4 Despite section 2.36 (3) of National Instrument 45-106 Prospectus and Registration Exemptions, the prospectus requirement does not apply in respect of a distribution of a syndicated mortgage to an institutional investor.
[en. B.C. Reg. 226/2009, Sch. D, s. 3.]
Section 4 BEFORE re-enacted by BC Reg 49/2021, effective March 1, 2021.
Syndicated mortgages — prospectus not required for distributions to institutional investors
4 Despite section 2.36 (3) of National Instrument 45-106 Prospectus Exemptions, the prospectus requirement does not apply in respect of a distribution of a syndicated mortgage to an institutional investor.
[en. B.C. Reg. 226/2009, Sch. D, s. 3; am. B.C. Reg. 67/2015, Sch. B, s. 1 (h).]
Section 5 BEFORE re-enacted by BC Reg 49/2021, effective March 1, 2021.
Exemption from registration and prospectus requirements
5 Sections 34 and 61 of the Securities Act do not apply to a trade in a qualified syndicated mortgage if, before the agreement of purchase and sale is entered into, the purchaser is provided with the form of investor disclosure required by the Mortgage Brokers Act.