Archived News Releases

April 21, 2011

Manitoba is proposing changes to the Manitoba Securities Act that would increase investor protection and the integrity of the system, Finance Minister Rosann Wowchuk announced today. 

“The amendments would allow Manitoba to bolster investor protection measures and support new regulatory initiatives necessary to regulate securities markets,” said Wowchuk.  “Once enacted, the legislation would permit Manitoba to continue to harmonize securities laws with other provinces and territories.”

Proposed amendments to the act would allow the Manitoba Securities Commission (MSC) to:

• oversee the activity of the oversight body that audits the financial statements of securities vendors in Manitoba including information sharing, appeal rights, public reporting and the power to initiate hearings;
• strengthen its ability to enforce orders issued by another provincial/territorial regulator or court to prevent improper or illegal activity from taking place in Manitoba;
• prosecute an insider of a public company who has used private or non-public information to trade in the security of the public company, regardless of the company’s status as a securities vendors in Manitoba; and
• regulate the activities of credit-rating agencies, in collaboration with other provinces, to ensure these organizations operate ethically.

The MSC is a special operating agency responsible for administering and enforcing the Manitoba Securities Act, the Real Estate Brokers Act, the Mortgage Dealers Act and the Commodity Futures Act.

“These amendments reflect the determination of Manitoba, along with other provincial governments, to operate a sound regulatory system on a national scale based on the co-operative exercise of provincial jurisdiction.  Manitoba supports the continuation of provincial jurisdiction which has developed Canada’s securities regulation system into one of the most highly regarded in the world,” Wowchuk said.

For more information about MSC, go to www.msc.gov.mb.ca.

 

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