On February 15th, the BC Securities Commission (BCSC) will be lifting the Northwest Exemption, a registration exemption that permitted firms to place prospectus-exempt securities without the requirement to be registered in any jurisdiction. Under this new regulation, Mortgage Investment Entities (also known as Mortgage Investment Corporations), will require an Exempt Market Dealer License.
So what does this mean?
To continue to operate, all prospectus-exempt companies will be required to
create a separate entity
apply for Exempt Market Dealer Registration with the BCSC
set up a Financial Institution Bond
Rest assured, we are well-versed in this change in regulation and can help guide you through the process of obtaining the required financial institution bond insurance. Using our online portal, you can quickly and easily purchase the financial institution bond coverage you need to continue operating. The coverage is provided by Chubb Insurance Company of Canada, the largest provider of fidelity insurance products in North America.
To get started, we invite you to complete this online application for Financial Institution Bond Insurance here.
Please do not hesitate to reach out to Michelle Laracy at [email protected] or 416.4081920 should you have questions.