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Settlement Agreement reached between Staff of the Commission and Teddy Beyene

FOR IMMEDIATE RELEASE
February 26, 2024

Settlement Agreement reached between Staff of the Commission and Teddy Beyene

Winnipeg –The Manitoba Securities Commission issued an Order approving the Settlement Agreement reached between Staff of the Commission and Teddy Beyene.

A copy of the Order approving the Settlement Agreement is available here.
A copy of the Reasons for Decision is available here.

About The Manitoba Securities Commission

The Manitoba Securities Commission is a special operating agency of the Government of Manitoba that regulates and promotes fair and efficient capital markets throughout the province.

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For Media Inquiries:

 

Marko Bilandzija
(204) 945-4733

1-800-655-5244 (MB Only)

Background to settlement process

 

Settlement Process
  • The Director of the Commission issues a Notice of Hearing and Statement of Allegations which begins the hearing process.
  • Members of the Commission, who are independent of staff, sit as adjudicators at Commission hearings.
  • In order to avoid the time, expense and uncertainty of a full hearing (which is similar to a court trial) the Director can enter into a contract with all or some of the parties named in the hearing. This contract, entitled “Settlement Agreement” sets out facts that have been agreed to, admissions of responsibility by the parties named in the hearing, and a proposed resolution of the matter.
  • The Settlement Agreement is presented to a panel of members of the Commission. These members are independent of staff and have had no part in the investigation or negotiation of the agreement. These are not the same members who would sit on a contested hearing if the settlement is not approved.
  • A settlement hearing is held before the panel of members in camera. The members must be satisfied the Settlement Agreement is in the public interest before it can be approved. There are two possible outcomes:
    • The Settlement Agreement is approved in which case the Settlement Agreement becomes part of a Commission order and is on the public record;

or

    • If the Settlement Agreement is not approved it does not become part of the public record and cannot be used as evidence in the hearing. In this way the parties to the hearing can make concessions or admissions for the purpose of settling which they could otherwise require Commission staff to prove at a contested hearing.
  • The order issued by the Commission is legally binding. Violation of an order can lead to further action by the Commission as well as possible charges in Provincial Court under The Securities Act.
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