The Financial Services Regulatory Authority of Ontario (FSRA) has started working on the Ontario government’s proposed licensing exemption for certain businesses engaged in mortgage transactions.
In a statement, FSRA said the move has been taken to continue focusing on consumer protection and achieve regulatory efficiency in the mortgage brokering sector.
FSRA said it is now consulting on proposed guidance on licensing exemption eligibility under draft proposed amendments to the Mortgage Brokerages, Lenders and Administrators Act, 2006 (MBLAA). The exemption applies to certain businesses that do not deal with individual consumers. The proposed guidance provides FSRA's interpretation of the types of businesses that would be exempt from licensing with FSRA.
FSRA and the Ministry of Finance, in consultation with the industry, are working collaboratively to implement recommendations from the 2019 report on the government's review of the MBLAA.