Category: Nutshell Series

Get Your Copy of AUM Law’s Updated Guide to the Client-Focused Reforms

In October 2019, the Canadian Securities Administrators (CSA) finalized their client-focused reforms to National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations (NI 31-103) (CFRs or Amendments). The CFRs are the most sweeping changes to NI 31-103’s ongoing registrant obligations since the rule was adopted over ten years ago. These reforms represent a fundamental shift towards a best interest standard.

Implementing the CFRs will require changes to your policies, procedures, internal controls, record-keeping protocols, client-facing documentation and compliance training, but there’s no need to panic. AUM Law is here to help. Giving our clients practical advice on compliance with NI 31-103 is one of our core services. We can help you develop a project plan, work with you to systematically review and make any needed changes, and train your employees so that you are ready as the CFRs are phased in.


MIC – Mortgage Investment Corporations in a Nutshell

Industry participants are re-thinking their business operations as a result of mortgage lenders no longer being able to operate outside of a securities law regime as of March 1, 2021. Many lenders that previously qualified investors on a deal by deal basis in order to avoid having to become registered are now establishing pooled funds to ease the management of a growing investor base and to better compete on investments where other lenders are ready to commit without needing to syndicate a deal. One of the more popular pooled vehicle structures that is being turned to is the mortgage investment corporation (MIC).

In this publication we discuss what to keep in mind when structuring a MIC, such as dealer registration and other obligations, as well as the evolving regulatory framework for syndicated mortgage investments (SMIs).