Citing the effects of the Covid-19 outbreak, the Ontario Securities Commission (OSC) now expects to take oversight of the syndicated mortgage market on Jan. 1, 2021.
The transfer of oversight from the Financial Services Regulatory Authority of Ontario (FSRA) to the OSC was was expected to take place in July, in line with the Canadian Securities Administrators (CSA) adopting a harmonized regime for overseeing syndicated mortgages.
“This timeline has been adjusted in light of Covid-19,” the regulators said in a release.
The CSA said details of the new regime “will be communicated later this year.”