A change in regulatory oversight of certain syndicated mortgage investments will not happen until next summer.
The Financial Services Regulatory Authority of Ontario (FSRA) and the Ontario Securities Commission (OSC) have updated the timeline, with the change now expected in July 2020 rather than the beginning of the year.
Further details will be provided in the new year.
The FSRA previously asked for comments regarding the proposed changes which would see OSC taking over regulatory oversight of some syndicated mortgage investments.
FSRA says it is committed to strengthening protection of investors in what is identified as “high-risk syndicated mortgages.” Mortgage brokerages and mortgage administrators must provide adequate disclosure of the risks associated with these types of syndicated mortgages in a way that is easily comprehensible to investors.
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