Securities Rules updated as part of broader transition from Mortgage Brokers Act to Mortgage Services Act licensing

Plain-language summary · AI-assisted · not legal advice

A package of amendments across several B.C. regulations updates references to reflect the replacement of the Mortgage Brokers Act registration regime with the new Mortgage Services Act licensing regime. For the Securities Rules specifically, Division 2 of Part 5 is repealed in its entirety. Across related regulations, anyone previously described as a 'registered mortgage broker' is now referred to as a 'licensee under the Mortgage Services Act,' and compliance obligations (such as record-keeping and disclosure duties) are redirected to the Superintendent of Mortgage Services. Businesses and individuals operating in mortgage services, real estate, insurance, and securities who relied on the old Mortgage Brokers Act registration status should confirm their standing under the new Mortgage Services Act licensing framework. Organizations that reference the repealed Division 2 of Part 5 of the Securities Rules in internal policies or agreements should update those documents.

Who this affects: mortgage services licensees · securities registrants · real estate service providers · insurance agents and salespersons · businesses with consumer credit disclosure obligations