Securities Law and Instruments

Orders and Exemptions

This section contains orders the Manitoba Securities Commission has issued under The Securities Act (Manitoba) and The Commodity Futures Act. The Manitoba Securities Commission may issue the following types of orders:

• orders exempting persons from certain requirements of The Securities Act
• orders to cease trading in securities
• blanket orders (http://docs.mbsecurities.ca/msc/bo/en/nav_date.do), which apply generally
• orders related to administrative hearings of the Manitoba Securities Commission

Notices

The Manitoba Securities Commission issues notices to advise the financial industry and the public about regulatory developments. The Manitoba Securities Commission welcomes input from any interested party on the content of its notices and on any matter of interest to investors and the capital markets.

Rule, Instruments and Policies

The Manitoba Securities Commission has the authority to enact Rules and Policies. The Rule-Making Procedure Regulation came into force on January 1, 1998. To search current legislation, see example

THESE LINK TO THE DECISIA DATABASE

1 – Procedures and Related Matters
2 – Certain Capital Market Participants
3 – Registration Requirements and Related Matters
4 – Distribution Requirements
5 – Ongoing Requirements for Issuers and Insiders
6 – Take-Over Bids and Special Transactions
7 – Securities Transactions Outside the Jurisdiction
8 – Investment Funds
9 – Derivatives
National Policies
Local Acts, Rules and Policies
Unofficial Consolidated Versions

The Manitoba Financial Services Agency administers the following Acts:

The Acts and accompanying regulations are available online free of charge on The Manitoba Laws website at www.gov.mb.ca/laws.

Print copies are available for purchase from:

King’s Printer, Statutory Publications Office.
Phone: (204) 945-3103
E-mail: kingsprinter@gov.mb.ca

The Manitoba Securities Commission (MSC) may issue orders against individuals or companies who have contravened The Securities Act or The Commodity Futures Act. The orders may be made after a hearing or pursuant to a settlement agreement. The MSC may ban respondents from certain types of activity. In addition, as set out in The Securities Act, the Commission may order respondents to pay administrative penalties, voluntary payments and costs of proceedings.

Holding respondents accountable for their misconduct is important for investor protection as well as protecting the integrity of the Manitoba capital market. As such, and in the interest of maintaining transparency, the Manitoba Securities Commission provides the list below of respondents who have not paid administrative penalties or costs of proceedings ordered by the MSC. To access this information, refer to the full order imposed upon the respondents by clicking the “Date of Decision” link beside each respondent.

The Unpaid Orders list below is updated twice a year. Those who have satisfied orders are removed from the list at this time. Any respondents who are appealing an MSC order will remain on the list while the appeal is ongoing.

The Unpaid Orders list provides the status as follows:

Unpaid (Full) – no payments have been made on the original amount ordered or agreed
Unpaid (Partial) – a partial amount has been paid
Paying as Agreed – payments are being made in accordance with a payment arrangement that is in effect.

Last updated: June 2023

Understanding the Numbering System

The Canadian Securities Administrators (“CSA”), follows a system in which securities regulatory instruments are assigned numbers which indicates the kind of instrument it is and the subject matter of the instrument.

Under the numbering system, each instrument is assigned a five digit number, with a hyphen appearing between the second and third number.

Example: 34-202

The numbering system has the following four major components:

The first number relates to the subject matter category into which the instrument has been classified. The nine subject matter categories are:

1. Procedures and Related Matters
2. Certain Capital Market Participants (Self-Regulatory Organizations, Exchanges and Market Operations)
3. Registration Requirements and Related Matters (Dealers, Advisers and other registrants)
4. Distribution Requirements (Prospectus requirements and prospectus exemptions)
5. Ongoing Requirements for Issuers and Insiders (continuous disclosure)
6. Take-over Bids and Special Transactions
7. Securities Transactions Outside the Jurisdiction
8. Mutual Funds
9. Derivatives

The number “3” in the example above indicates that the instrument relates to Registration Requirements and Related Matters.

The second number relates to the sub-category of the subject matter category into which the instrument has been classified.

Using the example above, within the Registration Requirements and Related Matters category, a sub-category for instruments dealing with fitness for registration is denoted by the number “4”. Accordingly, all instruments relating to fitness for registration will commence with the numbers “34”.

The third number relates to the type of instrument. The numbers 1 through 8 are used to classify the types of instruments as follows:

1. National Instrument/Multilateral Instrument and any related Companion Policy or Form(s)
2. National Policy/Multilateral Policy
3. CSA Notice
4. Concept Proposal
5. Local Rule, Regulation or Blanket Order or Ruling and any related Companion Policy or Form(s)
6. Local Policy
7. Local Notice
8. Implementing Instrument
9. Miscellaneous

The number “2” in the example above indicates that the instrument is a National Policy/Multilateral Policy.

The fourth and fifth numbers are assigned to instruments in consecutive order from 01 to 99 within a particular sub-category. The numbers “02” above indicate that the instrument is the second National Policy in that particular sub-category.

A Companion Policy or Form that is related to a National Instrument or Local Rule, will have the same number as the National Instrument or Local Rule to which it relates, followed by the suffix “CP” in the case of a Companion Policy or “F” in the case of a Form. If there is more than one Form related to a particular instrument, the Forms will be numbered consecutively (F1, F2, F3, etc.).

Note: This numbering system has been used since 1995, and prior instruments may not be numbered according to this system.