33-517 - Registration and Prospectus Exemption for Persons Registered under the Mortgage Brokers Act [BCI - Rescinded]
| Published Date: | 2009-09-25 |
|---|---|
| Effective Date: | 2009-09-28 |
| Rescinded Date: | 2010-09-28 |
| Document(s): |
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Concurrently Published:
British Columbia Securities Commission
BC Instrument 33-517
The British Columbia Securities Commission, considering that to do so would not be prejudicial to the public interest, orders that effective September 28, 2009, the attached BC Instrument 33-517 Registration and Prospectus Exemption for Persons Registered under the Mortgage Brokers Act is made.
September 21, 2009
Brent W. Aitken
Acting Chair
(This part for administrative purposes only and is not part of the Order)
Authority under which Order is made:
Act and sections:- Securities Act, sections 48(1) and 76(1)
Other (specify):-
BC Instrument 33-517
Registration and Prospectus Exemption for
Persons Registered under the Mortgage Brokers Act
Order under sections 48 and 76 of the Securities Act
1. Definitions - In this Order
“syndicated mortgage” means a mortgage in which two or more persons participate, directly or indirectly, as lenders in the debt obligation that is secured by the mortgage.
2. Exemptions
The dealer registration and prospectus requirements do not apply to trades in, or distributions of, mortgages on real property located outside of British Columbia by a person registered or exempted from registration under the Mortgage Brokers Act.
3. Syndicated Mortgages
Section 2 does not apply to a trade in, or distribution of, a syndicated mortgage, unless the trade or distribution is to an institutional investor, as defined in British Columbia Instrument 45-501 Mortgages.
4. Expiry of Order
This order will expire on September 28, 2010.