About MFSA

Our Mission and Vision

Mission

The Manitoba Financial Services Agency seeks to foster a better financial future for all Manitobans through responsive regulation that promotes fairness, honesty and openness within Manitoba’s financial services and real estate sectors.

Vision

Strong and fair financial services and real estate sectors, that benefit both the industry and the public, supported by the MFSA.

Manitoba Financial Services Agency

Strategic Plan 2022 to 2025

Introduction

The Manitoba Financial Services Agency (MFSA) is a Special Operating Agency of the Province of Manitoba responsible for administering legislation in the following sectors:

• securities and commodity futures
• insurance
• real estate and mortgage brokerage
• credit unions and caisses populaires
• trust and loan companies

The MFSA operates through two divisions, namely The Manitoba Securities Commission and The Financial Institutions Regulation Branch.  The MFSA is in the process of incorporating the Office of the Superintendent- Pension Commission into its operations.

MFSA’s Mission:

The MFSA seeks to foster a better financial future for all Manitobans through responsive regulation that promotes fairness, honesty and openness within Manitoba’s financial services, pension and real estate sectors.

MFSA’s Vision:

Strong and fair financial services, pension and real estate sectors that benefit both the industry and the public, supported by the MFSA.

Priorities for 2022 to 2025

The MFSA operates in a rapidly changing environment and its goal is to respond proactively to the challenges these changes bring.  In doing so, it coordinates with its counterparts in other jurisdictions, particularly through the Canadian Securities Administrators (CSA), the Canadian Council of Insurance Regulators (CCIR), the Canadian Insurance Services Regulatory Organizations (CISRO), the Real Estate Regulators of Canada (RERC), the Mortgage Broker Regulators’ Council of Canada (MBRCC), the Canadian Association of Pension Supervisory Authorities (CAPSA), the Credit Union Prudential Supervisors Association (CUPSA) and the National Pension Compliance Officers Association (NPCOA).  The key challenges are:

• Responding to global developments

As the world’s markets become more integrated and new products and services emerge, such as cryptocurrencies and decentralized finance, it becomes all the more important to respond on a coordinated basis to address emerging concerns and to respond to new or enhanced risks.

• Enhancing investor protection

The MFSA will continue to focus on protecting investors from fraudulent, manipulative and misleading practices through enhanced enforcement processes, by ensuring compliance with disclosure and registration requirements and through investor education.

• Addressing local issues

Although many of the markets the MFSA oversees are national or international in scope, all have important local elements and others, such as the real estate and credit union and caisses populaire sectors, are primarily Manitoban in nature.  Responding to local issues and concerns are a key focus of the MFSA.

• Monitoring emerging trends

The MFSA will continue to monitor emerging trends in the sectors that it regulates.

The MFSA, responding to these challenges, has identified four strategic goals to pursue for 2022 to 2025:

• Enhancing investor/consumer protection
• Enhancing the regulatory framework
• Continuing regulatory harmonization with other jurisdictions where appropriate
• Improving efficiency in operations

 

1. Enhancing investor/consumer protection

Context

Providing information to consumers and investors on topics in the areas regulated by the MFSA is an important part of its mandate.

Actions

• continue the development and updating of educational programs targeted at consumers and the investing public, with a focus on emerging market trends, fraud and financial abuse.
• continue existing relationships and identify new opportunities to connect with external groups for outreach to the public, such as the Indigenous community and newcomers to Canada, either for one time educational events or ongoing partnerships.
• complete the development and adoption of updated offers to purchase for single family residences and condominiums.
• create a plain language disclosure document supporting the new Offers to Purchase for single family residences and condominiums.

Context

When clients of financial intermediaries have a problem with the products or services provided to them it is important that their concerns are dealt with in a fair and reasonable manner.

Actions

• review the complaint handling process used by the Manitoba Insurance Council and the Office of the Superintendent- Pension Commission.
• examine the advisability of developing a Market Conduct requirement for credit unions and the caisse populaire in their dealings with consumers and their response to complaints.

 

2. Enhance the regulatory framework in Manitoba

Context

The Agency operates in an evolving financial services environment that requires a regulatory approach that is risk based and which minimizes overlap and duplication.

Actions

• complete the implementation of the updated oversight process for the credit union and caisses populaires system, including developing a compliance review program for Deposit Guarantee Corporation of Manitoba drawing on the existing compliance program for self regulatory organizations in the securities industry.
• develop a compliance review program for provincially regulated insurance companies drawing on the compliance program for Manitoba securities registrants.
• review and update the existing compliance review program for real estate and mortgage brokers drawing on the compliance program for Manitoba securities registrants.
• review the current compliance review program for pension plans drawing on the compliance program for Manitoba securities registrants and increase the frequency of pension plan reviews.
• update the existing Delegation and Protocol Agreement with the Insurance Council of Manitoba.

Context

While the MFSA has distinct and separate areas of oversight, there are common issues and responsibilities that can draw on expertise developed by other groups within the MFSA.

Action

• investigate opportunities for increased collaboration between the investigation, real estate compliance, pension plan regulation and securities compliance areas.

Context

The current Commodity Futures Act was originally enacted in 1996 and has not been reviewed and updated since then to reflect subsequent developments.

Action

• conduct a review of The Commodity Futures Act with regard to the legislation in other Canadian jurisdictions with a view to putting forward a proposal to the government for legislation updating or replacing the current statute.

Context

Ontario and Saskatchewan have adopted legislation regulating the use of the “financial planner” and “financial advisor” titles and other jurisdictions are considering doing so.  Submissions have been made to the government to do so in Manitoba as well.

Action

• monitor developments on the adoption of financial planners title protection legislation in other Canadian jurisdictions with a view to consulting on the advisability of adopting it in Manitoba.

 

3. Continued regulatory consultation and harmonization with other jurisdictions

Context

The Commission operates in most areas on a harmonized basis with other provincial and territorial jurisdictions through the CSA.

Actions

• continue to contribute to key CSA projects, including the environmental, social and governance initiative regarding climate change disclosure, expanded disclosure regarding diversity, liquidity risk management in investment funds and the modernization of the continuous disclosure regime.
• continue to lead the CSA initiative regarding client facing registrant titles.
• continue to actively participate in the CSA sandbox committee and the CSA cryptocurrency task force.
• continue its full participation in the CSA’s self regulatory organization consolidation project.

Context

The Financial Institutions Regulation Branch, the Real Estate area and the Office of the Superintendent- Pension Commission participate in national organizations that provide a forum for discussing issues of common interest and sharing information.

Action

• continue the MFSA’s participation in CCIR, CISRO, REAC, MBRCC, CAPSA, CUPSA and NPCOA.

 

4. Carry out MFSA’s operations in a more efficient and responsive manner

Context

It is important that the MFSA continue to identify opportunities to conduct its operations in a more effective manner that is responsive to the industries it regulates and to the public.

Actions

• implement the local aspects of SEDAR+, including updating the Poller system and any other interfaces.
• update the Manitoba Securities Commission prehearing policy and consider adopting it as a formal Commission rule.
• obtain and implement case management software to manage the investigation and enforcement process from receiving the initial complaint through the completion of any resulting hearings.
• establish monitoring process for progress of investigations and hearings and adopt targets for the initiation and completion of enforcement proceedings.
• establish benchmarks for conducting compliance reviews and a process for monitoring the progress and completion of these reviews.
• complete the project to install technology to facilitate conducting hearings through electronic means.
• complete the project to install video taping technology for conducting interviews in investigations.
• review and assess the capabilities of the Pension Benefits Information System and its ability to meet all current and future requirements.

Context

The MFSA’s mandate has recently been expanded to include the administration of the Pension Benefits Act.

Action

• integrate the Office of the Superintendent- Pension Commission and its personnel into the MFSA.

Context

MFSA personnel interact with the public, industry, other regulators and government officials on an ongoing basis and have an obligation to do so on a responsive and professional basis.

Action

• establish standards for responses by staff to inquiries from industry and the public.

Context

The MFSA does not have unlimited resources and changes in staffing in individual areas occurs on a regular basis, due to resignations or retirements and it is important that it be able to carry on its operations despite these changes.

Actions

• establish succession plans for all areas.
• document policies and procedures for each area for their operations.
• pursue cross training opportunities across MFSA.
• identify and encourage educational opportunities on the part of MFSA staff.

Context

MFSA staff receive inquiries from industry and the public through emails and telephone calls that often cover similar topics or which may indicate trends.

Action

• investigate methods to track inquiries across the MFSA, including examining whether the existing Pension Commission system is a potential solution.

Context

The MFSA’s website is the primary means by which it communicates with the public and industry.

Actions

• complete modernization of MFSA website including the incorporation of information related to the Office of the Superintendent- Pension Commission.
• develop a manual for the maintenance of the website on an ongoing basis.

Accessibility Plan

A. Statement of Commitment

The Manitoba Financial Services Agency is committed to ensuring equal access and participation for people with disabilities. We are committed to treating people with disabilities in ways that allow them to maintain their dignity and independence. We believe in inclusion. We are committed to meeting the needs of people who face accessibility barriers. We will do this by identifying, removing and preventing barriers if possible, and by meeting the requirements of The Accessibility for Manitobans Act (AMA).

B. Policies

See: Part 3, Practices & Procedures

C. Actions

1. Establish accessibility working group / committee – Management to appoint accessibility committee chair and group. The Group should establish expected outcomes and revise / update this document as needed. The Group should establish workplan with multi-year timeframes.
2. Offer and provide information in accessible formats on request – Develop a process for responding to requests for accessible supports / services. The Group chair should report processes to all staff by email Communications to promote availability of alternate formats on request, and include such wording on all new documents—which has been included on newer brochures and our Annual Reports.
3. Staff awareness and training – Management should confirm organization’s commitment in writing, endorse commitment at meetings and celebrate progress. HR to offer training / awareness presentations to managers and staff. Management to acknowledge achievements and share information with staff in the MFSA newsletter and staff meetings.
4. Monitor progress – The Group chair and committee should track progress on challenges and requests for accommodation with budget implications. The Group should provide a quarterly report to senior management. MGAP should be integrated into operational plans. Communications should provide a progress report in MFSA annual report. The Accessibility plan should be posted on website and be made available in alternate formats.

Part 3. Practices & Procedures

2. Accommodating assistive devices – The MFSA recognizes people with disabilities may use their personal assistive devices when accessing our goods, services, or facilities, or in the course of their daily duties. In cases where the assistive device presents significant and unavoidable health or safety concerns, we will attempt to use other measures to ensure the person with the disability has proper access. MFSA staff will be trained/familiarized with various assistive devices. This training will include appropriate interactions with those using an assistive device.

3. Welcoming support persons – The MFSA welcomes individuals who are accompanied by a support person. In practice, this means creating additional space when needed for support persons, and participating in training for appropriate interaction with individuals accompanied by support persons.

4. Accommodating service animals – The MFSA welcomes service animals as defined by the Human Rights Code of Manitoba, “an animal that has been trained to provide assistance to a person with a disability that relates to that person’s disability.” A service animal can usually be identified through visual indicators. If the animal cannot be immediately identified as a service animal, MFSA staff may ask if the animal is offering assistance and whether the animal has been trained to provide assistance. MFSA staff will not interact (pet, feed, play) with a service animal without the expressed permission of its handler. The individual with the service animal is expected to maintain control of the animal through physical means, voice, signal, or other means. Training will ensure MFSA staff understand the rights of persons accompanied by service animals.

5. Maintaining barrier-free access – The MFSA is committed to creating and maintaining a barrier-free space for customers and staff. Halls, ramps, meeting rooms will be kept clear of clutter or obstacles to movement, and adequate space will be maintained for mobility devices, as well as adequate seating provided in public areas.

6. Advising customers on what accessibility features are not available – In the event of a planned or unexpected disruption of services or facilities affecting individuals disabled by barriers, MFSA staff will post notices and when possible announce the disruption. A clearly posted notice should include additional information on the reason for the disruption, anticipated length, and a description of alternative facilities or services if available. MFSA staff will exercise best judgement on what services / facilities are affected by these procedures and practices and how best to notify customers / staff.

7. Inviting customers to provide feedback – The MFSA welcomes feedback on how accessible customer service is offered, which will help staff identify barriers and respond to future concerns. The MFSA will set up a process to receive and respond to feedback, including what action will be taken in response to complaints. Customers / staff will be provided with accessible feedback formats and communication supports upon request. Feedback will be directed to the Controller and the Executive Assistant, and may be referred to a Director-level office or higher depending on the nature of the complaint. Feedback should be met with an immediate response indicating receipt. Customers / staff can expect to hear back within five business days.

8. Training staff on accessible customer service – All MFSA staff will receive training on accessible customer service, and new hires should be trained within an acceptable timeframe. This training will include, but is not limited to:

• the purpose of The Accessibility for Manitobans Act and the requirements of the Customer Service Standard.
• the policies and actions related to the Customer Service Standard.
• tow to interact and communicate with disabled people, including persons who use an assistive device or require the assistance of a service animal or a support person.
• what to do if a person with a disability is having difficulty in accessing our facilities or services.

Changes to the MFSA Accessibility Procedures and Practices should be brought to the attention of staff, and additional training can be considered. Updates in the monthly newsletter are required.

Accessibility Committee
The MFSA Accessibility Committee is responsible for identifying, removing, and preventing barriers to accessibility if possible, and will ensure that MFSA’s Accessible Customer Service practices and procedures are reviewed and updated as needed.  The Committee should have representation from Securities, Real Estate, and FIRB, if possible.

www.accessibilitymb.ca.