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Consultations Open on Proposed Policy Statement Amendments Under the Real Estate Development Marketing Act
BC Financial Services Authority (“BCFSA”) has launched two concurrent consultations related to the marketing of development properties and real estate securities under the Real Estate Development Marketing Act (“REDMA”) and is seeking feedback on proposed amendments to the Superintendent of Real Estate’s Policy Statements 5, 6, and 13.
The proposed amendments to Policy Statements 5 and 6 are intended to safely allow early marketing for developments to begin sooner while maintaining important consumer safeguards.
The proposed amendments to Policy Statement 13 include disclosure requirements for developers who are marketing real estate securities, due to a BC Securities Commission proposal to amend their form of offering memorandum to require more comprehensive disclosure from securities issuers offering securities that relate to real estate.
BCFSA has released amended Policy Statements 5, 6 and 13 together with their respective Discussion Papers for review and comment. All interested parties are invited to review the consultation materials and submit comments through the consultation feedback forms.
Both consultations are open for 30-days and will close on October 20, 2022.
To learn more, please review the supporting materials for both consultations on our Consultation Page.