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ARTICLE · 28 MARCH 2011

Mortgage Investment Entities

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On February 25, 2011 the Canadian Securities Administrators (the "CSA") published Staff Notice 31-323 Guidance Relating to the Registration Obligations of Mortgage Investment Entities. This notice relates to exemptions issued by the CSA in August 2010 with respect to investment fund manager and adviser registration requirements in respect of mortgage investment entities ("MIEs").

CanadaFinance and Banking
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Edited by Paul A. Dempsey

On February 25, 2011 the Canadian Securities Administrators (the "CSA") published Staff Notice 31-323 Guidance Relating to the Registration Obligations of Mortgage Investment Entities. This notice relates to exemptions issued by the CSA in August 2010 with respect to investment fund manager and adviser registration requirements in respect of mortgage investment entities ("MIEs").

CSA Staff Notice 31-323 is intended to clarify the registration requirements with respect to MIEs. MIEs are defined by the CSA as persons or companies whose purpose is to directly or indirectly invest substantially all of its assets in debts owing to it that are secured by mortgages, hypothecs or in any other manner on real property and whose other assets are limited to cash, deposits with financial institutions, debt securities referenced in section 8.21 of NI 31-103, real property (held on a temporary basis as a result of enforcing rights as a secured

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