BCFSA has issued a new advisory outlining regulatory relief related to two requirements under B.C.’s Mortgage Services Act (MSA), effective October 13, 2026.
The changes address licensing requirements for certain Exempt Market Dealers and provide greater flexibility around lender disclosure requirements.
Exempt Market Dealers (EMDs) registered under B.C.’s Securities Act will be exempt from MSA licensing requirements when providing certain mortgage services involving securities of syndicated mortgages, other than qualified syndicated mortgages, provided they remain compliant with applicable Securities Act requirements.
BCFSA is also providing flexibility for the new lender disclosure requirements coming into effect under the MSA.
Where the lender is a licensed mortgage lender, the lender may waive receipt of Form 5 – Disclosure of Information Statement to Lender and, where applicable, Form 5A – Addendum for Construction and Development Mortgages.
The waiver may be provided orally or in writing; however, BCFSA recommends obtaining it in writing. Licensees must document and retain the waiver in accordance with applicable record-keeping requirements.
For members, this may reduce unnecessary administrative requirements when working with licensed mortgage lenders. However, Form 5 and Form 5A should not be treated as optional unless the lender has specifically waived receipt and the waiver has been appropriately documented.
These measures take effect alongside the MSA on October 13, 2026, and will remain in effect until BCFSA directs otherwise.
Members are encouraged to review BCFSA Advisory 26-038 and ensure their internal processes reflect the updated requirements.
Mortgage Professionals Canada will continue to monitor MSA developments and keep members informed of changes affecting mortgage professionals and brokerages in British Columbia.