O. Reg. 696/20: EXEMPTIONS FROM THE REQUIREMENTS TO BE LICENSED
filed December 1, 2020 under Mortgage Brokerages, Lenders and Administrators Act, 2006, S.O. 2006, c. 29Skip to content
ontario regulation 696/20
made under the
Mortgage Brokerages, Lenders and Administrators Act, 2006
Made: November 26, 2020
Filed: December 1, 2020
Published on e-Laws: December 1, 2020
Printed in The Ontario Gazette: December 19, 2020
Amending O. Reg. 407/07
(EXEMPTIONS FROM THE REQUIREMENTS TO BE LICENSED)
1. Ontario Regulation 407/07 is amended by adding the following section:
Exemptions for Dealing and Trading in Mortgages
For registered dealers
14.1 (1) A person or entity who is registered as a dealer under the Securities Act is exempted under subsection 6 (7) of the Mortgage Brokerages, Lenders and Administrators Act, 2006 from the requirements under sections 2 and 3 of the Act to have a brokerage licence if both of the following circumstances exist:
1. The person or entity deals or trades in syndicated mortgages that are not qualified syndicated mortgages and in doing so,
i. only deals or trades with investors or only deals or trades with borrowers who are permitted clients and with investors, and
ii. does not rely on any exemption from a requirement under the Securities Act, including the registration requirement and the prospectus requirement under that Act, that is conditional on the person or entity being licensed under the Mortgage Brokerages, Lenders and Administrators Act, 2006.
2. The person or entity is not otherwise required to be licensed.
(2) In paragraph 1 of subsection (1), “investor”, “permitted client”, “qualified syndicated mortgage” and “syndicated mortgage” have the same meanings as in Ontario Regulation 188/08 (Mortgage Brokerages: Standards of Practice) made under the Act.