2nd Session, 43rd Legislature

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Bill 37

THE MANITOBA FINANCIAL SERVICES AUTHORITY ACT AND AMENDMENTS TO VARIOUS OTHER ACTS

(Assented to                                         )

HIS MAJESTY, by and with the advice and consent of the Legislative Assembly of Manitoba, enacts as follows:

PART 1
INTERPRETATION

Definitions

1(1)   The following definitions apply in this Act.

"authority" means the Manitoba Financial Services Authority established by section 3. (« Autorité »)

"board" means the board of directors of the authority. (« conseil »)

"court" means the Court of King's Bench. (« tribunal »)

"financial services Act" means an Act set out in clause 6(a). (« loi sur les services financiers »)

"fiscal year" means the period beginning on April 1 of one year and ending on March 31 of the following year. (« exercice »)

"member" means a member of the board appointed under section 9. (« membre »)

"minister" means the minister appointed by the Lieutenant Governor in Council to administer this Act. (« ministre »)

"other Act" means The Cooperatives Act, The Corporations Act and any other Act under which the authority performs a duty or exercises a power. (« autre loi »)

"person" means an individual, partnership, corporation, unincorporated body, trustee, executor, administrator or other legal representative. (« personne »)

"regulator" means an individual appointed to a position under subsection 20(1) or (2). (« autorité de réglementation »)

Reference to "this Act" includes regulations and rules

1(2)   A reference to "this Act" includes the regulations and rules made under this Act.

Interpretation — "decision"

1(3)   In this Act, a decision of the authority or a regulator includes a decision, direction, order, ruling or other determination made by the authority or the regulator under a financial services Act.

Purpose

2   The purpose of this Act is to

(a) establish the Manitoba Financial Services Authority as a corporation with the mandate set out in section 6; and

(b) establish hearing, review and appeal processes for the Manitoba Financial Services Authority.

PART 2
AUTHORITY ESTABLISHED

Manitoba Financial Services Authority

3   The Manitoba Financial Services Authority is hereby established as a corporation without share capital, consisting of the members appointed under this Act.

Corporations Act does not apply

4   Except as otherwise provided in the regulations, The Corporations Act does not apply to the authority.

Crown agent

5   The authority is an agent of the Crown.

Mandate

6   The mandate of the authority is to

(a) administer the following financial services Acts:

(i) The Commodity Futures Act,

(ii) The Credit Unions and Caisses Populaires Act,

(iii) The Insurance Act,

(iv) The Mortgage Brokers Act,

(v) The Real Estate Services Act,

(vi) The Securities Act;

(b) regulate the industries governed under the financial services Acts; and

(c) perform any other duties and exercise any other powers conferred on the authority under this Act, the financial services Acts and other Acts.

PART 3
BOARD OF DIRECTORS

Duty of board

7   The board is responsible for managing, or supervising the management of, the business and affairs of the authority in accordance with the mandate of the authority.

Duties of members

8   Each member must

(a) act honestly and in good faith with a view to the best interests of the authority; and

(b) exercise the care, diligence and skill that a reasonable and prudent person should exercise in comparable circumstances.

Composition of board

9   The board is to consist of at least six and not more than nine members appointed by the Lieutenant Governor in Council.

Term of appointment

10   Each member holds office for a term fixed by the Lieutenant Governor in Council and continues to hold office after their term expires until the member is re-appointed, the appointment is revoked or a successor is appointed.

Board expertise

11   In appointing members, regard is to be had for the range of knowledge and expertise the board needs to discharge its responsibilities and perform its duties effectively.

Chair and vice-chair

12   The Lieutenant Governor in Council must designate one member as chair and another as vice-chair. The chair must devote their full time to the performance of the chair's duties.

Functions of vice-chair

13   The vice-chair has the authority of the chair when the chair is absent or unable to act or when authorized by the chair.

Part-time members

14   Part-time members must devote such time and attention to their duties as is directed by the chair.

By-laws

15(1)   The board may make by-laws respecting the authority's internal governance and the conduct and management of the authority's affairs.

Conflict of interest by-law

15(2)   The board must make a by-law establishing a conflict of interest policy for the members, officers and employees of the authority.

By-law — remuneration of members

15(3)   The chair, vice-chair and other members are to be paid such remuneration and expenses as the board determines by by-law and payment must be made out of the authority's funds.

Lieutenant Governor in Council approval

15(4)   A by-law referred to in subsection (2) or (3) is effective only if it has been approved by the Lieutenant Governor in Council.

Quorum

16   A majority of the members constitutes a quorum at any meeting of the board.

DELEGATION BY AUTHORITY

Delegation by authority

17(1)   Subject to subsection (2), the authority may, in writing, delegate any duty or power of the authority under this Act, the financial services Acts or other Acts to the chair, the vice-chair or any other member.

Limits on delegation

17(2)   The authority must not delegate the power to make rules and regulations under this Act or a financial services Act.

Delegated powers and duties

17(3)   A member who receives a delegation under subsection (1) must perform the delegated duty and may exercise the delegated power.

No subdelegation

17(4)   A member must not delegate to any person a duty or power that has been delegated to the member under subsection (1).

Exception — approval of certain rule amendments

17(5)   Despite subsection (2), after a rule under subsection 149.1(1) of The Securities Act or subsection 71(1) of The Commodity Futures Act has been approved by the authority, but before it has been published under section 149.2 of The Securities Act or section 72 of The Commodity Futures Act, the chair may approve an amendment to the approved rule that is necessary to harmonize the rule with the rules of securities regulatory authorities in other Canadian jurisdictions, and the rule made by the authority is the amended rule approved by the chair.

Review of delegated decision

17(6)   A decision of a member exercising a delegated duty or power is subject to review by the authority under section 52 in the same manner as if it had been made by a regulator, and the member who made the decision must not sit on the panel that hears the review of the member's decision.

Exception — investigation or financial examination orders

17(7)   Despite subsection (6), a decision to make an investigation or financial examination order under

(a) section 6 or 7 of The Commodity Futures Act;

(b) section 32 of The Mortgage Brokers Act;

(c) section 54 of The Real Estate Services Act; or

(d) section 22 of The Securities Act;

that is delegated to a member under subsection (1) is not subject to review by the authority under section 52.

PART 4
CHIEF ADMINISTRATIVE OFFICER AND EMPLOYEES

CHIEF ADMINISTRATIVE OFFICER

Appointment of chief administrative officer

18   The board must appoint an individual to be the chief administrative officer of the authority.

Duties and powers of chief administrative officer

19   The chief administrative officer is responsible for

(a) managing the day-to-day operations of the authority; and

(b) performing the duties and exercising the powers assigned to the chief administrative officer by the board or this Act.

REGULATORS AND DEPUTY REGULATORS

Appointment of regulators

20(1)   The board or the chief administrative officer, if authorized by the board, must appoint individuals to the following positions:

(a) the director of capital markets;

(b) with the approval of the minister, the registrar of credit unions and caisses populaires;

(c) the registrar of mortgage brokers;

(d) the registrar of real estate;

(e) the superintendent of insurance.

Appointment of deputy regulators

20(2)   The board or the chief administrative officer, if authorized by the board, may appoint individuals to the following positions:

(a) one or more deputy directors of capital markets;

(b) one or more deputy registrars of credit unions and caisses populaires;

(c) one or more deputy registrars of mortgage brokers;

(d) one or more deputy registrars of real estate;

(e) one or more deputy superintendents of insurance.

Duties and powers of regulators

20(3)   Under the general supervision of the board, a regulator appointed under subsection (1) or (2) must perform the duties and may exercise the powers that are conferred on the regulator under the applicable financial services Act.

Duties and powers under a particular financial services Act

20(4)   When a regulator appointed under subsection (1) or (2) is authorized under a financial services Act to perform a duty or exercise a power, the regulator must do so only for the purpose of that Act.

Regulators are employees

20(5)   For certainty, a regulator appointed under subsection (1) or (2) is an employee of the authority under section 21.

EMPLOYEES

Power to engage employees

21   The board or the chief administrative officer, if authorized by the board, may appoint such officers and employees necessary to carry on the activities of the authority and may define the duties of any such officers and employees and determine their remuneration and the terms and conditions of their employment.

PART 5
FINANCIAL MANAGEMENT

Accounts of authority

22(1)   The authority must open and operate one or more accounts in its name at a bank or other financial institution.

Funds payable to authority

22(2)   All funds generated from the authority's performance of duties or exercise of powers under the financial services Acts or other Acts are payable to the authority and must be deposited in an account referred to in subsection (1).

Fines under Part XV of Insurance Act

22(3)   For certainty, a fine imposed on a licence holder or former licence holder by an insurance council exercising a delegated power under section 396.1 of The Insurance Act is payable to the authority.

Authority is self-funding

22(4)   The authority must use the deposits referred to in subsections (2) and (3) to carry out its duties and powers under this Act, the financial services Acts and other Acts, subject to the following rules:

1.Funds generated under the following financial services Act provisions may be used only in accordance with rule 2:

(a) clause 375(1.1)(c) of The Insurance Act;

(b) clause 5(1)(c) of The Mortgage Brokers Act;

(c) clause 59(1)(f) or (2)(d) of The Real Estate Services Act;

(d) subsection 65(2) or (3) of The Real Estate Services Act;

(e) section 148.1 of The Securities Act;

(f) any other provision of a financial services Act prescribed by regulation.

2.Funds generated under a provision referred to in rule 1 may be used only

(a) to educate members of the public in respect of areas regulated by the authority;

(b) for the benefit of third parties the authority considers appropriate; or

(c) for another use as prescribed by regulation.

3.The proceeds of a bond that is forfeited under subsection 38(1) or (2) of The Mortgage Brokers Act must be assigned or paid by the authority in accordance with subsection 38(3) of that Act.

4.The proceeds of a bond that is forfeited under sections 7.2 and 7.3 of the Real Estate Services Regulation, Manitoba Regulation 84/2021, must be paid by the authority in accordance with section 7.5 of that regulation.

5.The proceeds of a bond that is forfeited under subsection 153(1) of The Securities Act must be assigned or paid by the authority in accordance with subsection 153(6) of that Act.

6.Interest received by the authority under subsection 40(1) of The Real Estate Services Act must be used in accordance with subsection 40(3) of that Act.

7.Subject to rules 1 to 6, the authority may invest any funds not immediately required for its purposes in any investments authorized by the Minister of Finance.

Surplus

22(5)   Despite subsection (4), the Minister of Finance may direct that any surplus in the revenues of the authority over expenses be paid to the Minister of Finance to be deposited into the Consolidated Fund.

Borrowing authority

23(1)   The authority may borrow money but only with the approval of the Lieutenant Governor in Council and only

(a) by way of loan from the government

(i) for temporary purposes, or

(ii) for other purposes to the extent permitted under The Financial Administration Act; or

(b) for temporary purposes by way of overdraft, line of credit, loan or otherwise upon its credit from a bank or other financial institution.

Advance out of Consolidated Fund

23(2)   Money required for a loan from the government may be paid out of the Consolidated Fund in accordance with The Financial Administration Act.

Powers respecting real property

24   With the approval of the Lieutenant Governor in Council, the authority may acquire and hold any interest in real property and sell, mortgage, lease or otherwise deal with or dispose of any interest in real property.

Power to act as trustee

25   The authority may act as trustee of any money or other property that it receives in trust for any purpose.

PART 6
ANNUAL REPORTING

Audit

26   The authority's annual financial statements must be audited by the Auditor General or any other auditor appointed by the Lieutenant Governor in Council.

Annual business plan

27(1)   For each fiscal year, the authority must prepare an annual business plan that is acceptable to the minister.

Content

27(2)   The annual business plan must include

(a) a proposed budget for the next three fiscal years;

(b) management objectives for the next three fiscal years; and

(c) any other information the minister requires.

Approval of business plan

27(3)   The authority must submit the annual business plan to the minister at the time directed by the minister. The minister may approve the plan or refer it back to the authority with recommendations for changes. If the plan is referred back to the authority, the authority must consider the recommendations and submit the revised plan for the minister's approval.

Annual report

28(1)   Within 180 days after the end of each fiscal year, the authority must make a report to the minister on its activities during that fiscal year. The report must include

(a) the authority's audited financial statements for the fiscal year;

(b) a summary of the authority's operations and activities during the fiscal year;

(c) any information that is required to be included in the report by a financial services Act or other Act; and

(d) any other information the minister requires.

Tabling report in Assembly

28(2)   The minister must table a copy of the report in the Assembly on any of the first 15 days on which the Assembly is sitting after the minister receives it.

PART 7
INVESTIGATIONS

"Investigator" defined

29   In this Part, "investigator" means a person authorized to make an investigation or examination under a provision set out in subsection 30(1).

Investigative powers of authority

30(1)   When the authority makes or appoints a person to make an investigation or examination under one or more of the following provisions:

(a) section 6 or 7 of The Commodity Futures Act;

(b) section 32 of The Mortgage Brokers Act;

(c) section 54 of The Real Estate Services Act;

(d) section 22 of The Securities Act;

the authority or the person appointed to make the investigation or examination, as the case may be, has the powers of a commissioner under Part V of The Manitoba Evidence Act.

Failure or refusal to comply

30(2)   The failure or refusal of a person to attend an investigation or examination or answer a question or produce a document, record or thing in the person's custody or possession during an investigation or examination makes the person liable to be committed for contempt by a judge of the court as if in breach of an order or judgment of the court.

Right to be represented

30(3)   A person giving evidence during an investigation or examination may be represented by counsel and may claim any privilege to which the person is entitled.

Inspection

31(1)   An investigator may, on production of the order appointing them, enter the business premises of any person named in the order during business hours and inspect any documents, records or things that are used in the business of the person and that relate to the matters specified in the order except those maintained by a lawyer in respect of their client's affairs.

Investigator may make copies

31(2)   The investigator may use equipment at the premises to make copies of relevant documents, records or things and may remove the copies from the premises for further examination.

Investigator may remove records to make copies

31(3)   An investigator who is not able to make copies of documents, records or things at the premises where they are located may remove the documents, records or things to make copies. The investigator must make the copies as soon as practicable and return the originals to the person from whom they were taken or the premises from which they were removed.

Electronic records

31(4)   In order to inspect documents, records or things maintained electronically, the investigator may require the person in charge of the premises or relevant documents, records or things to produce the documents, records or things in the form of a printout or in an electronically readable format.

Warrant to search and seize

32(1)   An investigator may apply to a justice for a warrant authorizing the person or persons named in the warrant to enter and search any building, receptacle or place specified and to seize anything described in the warrant that is found in the building, receptacle or place and to bring it before the justice issuing the warrant or another justice to be dealt with by the justice according to law.

Application without notice

32(2)   A warrant under subsection (1) may be issued upon application without notice.

Grounds

32(3)   A warrant must not be issued under subsection (1) unless the justice to whom the application is made is satisfied on information under oath or affirmation that there are reasonable and probable grounds to believe that there may be in the building, receptacle or place to be searched anything that may reasonably relate to an investigation or examination order made under a provision set out in subsection 30(1).

Power to enter, search and seize

32(4)   A person named in a warrant under subsection (1) may, on production of the warrant, enter any building, receptacle or place specified in the warrant between 6 a.m. and 9 p.m., search for and seize anything specified in the warrant and use as much force as is reasonably necessary for that purpose.

Expiration

32(5)   Each warrant under subsection (1) must name the date on which it expires, and the date must not be later than 15 days after the warrant is issued.

Copying

32(6)   Anything seized or produced under this section must be made available for inspection and copying by the person from which it was obtained, if practicable.

Return

32(7)   Anything seized or produced under this section must be returned to the person from which it was obtained when

(a) retention is no longer necessary for the purpose of an investigation, examination, proceeding or prosecution; or

(b) the authority so orders.

Application to financial institutions

33   This Part applies to financial institutions and officers of financial institutions despite subsection 48(4) of The Manitoba Evidence Act.

PART 8
HEARINGS

HEARING PANELS

Panels of the authority

34(1)   When a matter is referred to a hearing of the authority under this Act or a financial services Act, the chair must select a panel from among the members to hold the hearing and appoint a member to chair the panel.

Chair on panel

34(2)   A panel selected under subsection (1) may include the chair.

Quorum

35   Two members constitute a quorum at a sitting of a panel.

Authority may add panel member

36   Despite section 34, for the purpose of conducting a hearing, the authority may, with the approval of the minister, engage a qualified individual to sit on a panel for the hearing. An individual engaged under this section has all the powers of a member with respect to the hearing.

Jurisdiction of panel

37   When conducting a hearing,

(a) a panel has all the jurisdiction of the authority and may exercise the authority's powers and perform its duties; and

(b) a decision of a majority of the members of a panel is a decision of the authority.

Sittings of panels

38   Sittings of a panel may be held at such times and places as the chair of the authority decides.

Joint hearings and consultations

39   The authority may hold a hearing in conjunction with any other body empowered by an enactment of Canada or any province or territory of Canada to regulate an industry that is also regulated by the authority under this Act and may consult with the other body during the course of a hearing.

HOW DOES A PANEL HOLD A HEARING?

Notice of hearing

40(1)   The authority must give reasonable notice of a hearing to the person that is subject to the hearing and to any other person that, in the opinion of the authority, is substantially affected by the hearing stating the date, time and place of the hearing and identifying in general terms the matter about which the hearing will be held.

Hearing in absence of person

40(2)   If notice has been given to a person affected by a hearing in accordance with subsection (1) and the person is not present or represented at the hearing, the panel may proceed with the hearing and make or give any decision as though the person was present.

Conflict

40(3)   If a requirement in this section conflicts with a requirement respecting notice of a hearing under a financial services Act, the requirement under the financial services Act prevails to the extent of the inconsistency.

Procedure

41   Subject to any procedural requirements under this Act or a financial services Act, a panel may determine its own practice and procedure.

Panel not bound by rules of evidence

42   A panel is not bound by the rules of law respecting evidence applicable to judicial proceedings.

Right to be represented

43   A person attending or submitting evidence at a hearing may be represented by counsel.

Adjournment

44   The chair of the panel may adjourn a hearing from time to time.

Powers — hearings

45(1)   When conducting a hearing, a panel has the powers of a commissioner under Part V of The Manitoba Evidence Act.

Failure or refusal to comply

45(2)   The failure or refusal of a witness to attend, answer a question or produce a document, record or thing in the witness's custody or possession during a hearing makes the witness liable to be committed for contempt by a judge of the court as if in breach of an order or judgment of the court.

Application to financial institutions

45(3)   This section applies to financial institutions and officers of financial institutions despite subsection 48(4) of The Manitoba Evidence Act.

Record of evidence

46   All oral evidence received at a hearing must be taken down in writing or otherwise recorded and together with any documents or things received in evidence by the authority form the record of the hearing.

Evidence outside Manitoba

47   The authority may issue commissions to take evidence outside Manitoba and may make all proper orders for the purpose and for the return and use of the evidence so obtained.

ARE HEARINGS OPEN TO THE PUBLIC?

Hearing open to public

48(1)   A hearing must be open to the public unless the panel orders otherwise under this section.

Request for an order that a hearing be private

48(2)   A person may request that a panel make an order requiring that a hearing or any part of it be held in private.

When order may be made

48(3)   The panel may make an order described in subsection (2) on the request of a person, or on the panel's own initiative, but only if the panel is satisfied that financial, personal or other matters may be disclosed in a hearing that are of such a nature that the desirability of avoiding public disclosure of those matters outweighs the desirability of adhering to the principle that hearings be open to the public.

DECISIONS

Written reasons

49   After a hearing, a panel of the authority must issue written reasons for its decision.

Notice of decision

50   The authority must give notice of every decision, together with a copy of written reasons for the decision, to every person that received a notice of the hearing under section 40.

Hearings under delegated power

51   When, under this Act or a financial services Act, the authority delegates its power to conduct a hearing to a single member or a regulator, the member or regulator has all the powers and duties vested in a panel of the authority under this Part and this Part applies to the hearing, with necessary changes.

PART 9
REVIEWS AND APPEALS

REVIEWS

Review of regulator's decision

52(1)   Subject to subsections (2), (5) and (6), a person affected by a decision of a regulator under a financial services Act may, within 30 days after the decision is made, apply to the authority for a review. On receiving the application, the authority must conduct a hearing in accordance with Part 8.

Decisions not subject to appeal or review

52(2)   A person affected by a decision of a regulator under a financial services Act is not entitled to a review if the financial services Act provides that the applicable decision of the regulator is final or is not subject to appeal or review.

Power on review

52(3)   After conducting a hearing, the authority may, by order, confirm, quash or vary the decision under review or make such other decision as the authority considers proper.

Reference by regulator

52(4)   If a regulator is in doubt as to what decision the regulator should make about any matter that the regulator is authorized to decide under a financial services Act, the regulator may refer the matter to the authority. The authority must hold a hearing and may make any decision about the matter that the regulator is authorized to make.

Appeals from certain decisions of superintendent of insurance

52(5)   Despite subsection (1), when the superintendent or deputy superintendent of insurance makes a decision under subsection 91(2) or Part XIV of The Insurance Act, the person in respect of whom the decision is made or the insurance council, as the case may be, may appeal that decision only to The Insurance Agents' and Adjusters' Licensing Appeal Board in accordance with the appeal process set out in sections 389 to 389.3 of that Act.

Non-application — decisions of registrar of credit unions and caisses populaires

52(6)   This section does not apply to a decision of the registrar or deputy registrar of credit unions and caisses populaires under The Credit Unions and Caisses Populaires Act.

APPEALS

Appeal to the Court of Appeal

53(1)   A person affected by a decision of the authority may appeal to the Court of Appeal.

Leave to appeal

53(2)   An appeal under subsection (1) may be made only with leave obtained from a judge of the Court of Appeal.

Time for appeal

53(3)   An appeal under subsection (1) must be commenced within 30 days after the day on which the notice of the decision of the authority is sent.

Authority party to appeal

53(4)   The authority is a party to any appeal made under this section and is entitled to be heard upon the appeal.

Powers of Court of Appeal

53(5)   On hearing the appeal, the Court of Appeal may

(a) make any decision that in its opinion ought to have been made;

(b) quash, vary or confirm the authority's decision; or

(c) refer the matter back to the authority for further consideration in accordance with any direction of the court.

Authority may make further direction

53(6)   Despite an order of the Court of Appeal under this section, the authority may make any further decision upon new material or where there is a material change in the circumstances, and every such decision is subject to this section.

Stay pending appeal

53(7)   The authority's decision remains in effect pending an appeal unless it is stayed by the Court of Appeal, on application, pending the appeal.

Interpretation — "decision"

53(8)   In this section, "decision" includes an order of the authority under section 253 of The Cooperatives Act or section 145 or 150 or subsection 165(2) of The Corporations Act.

PART 10
GENERAL PROVISIONS

Protection from liability

54   No action or proceeding may be brought against the authority or any of its members, officers, employees or any other person performing a duty or exercising a power under this Act, a financial services Act or other Act for anything done, or omitted to be done, in good faith, in the exercise or intended exercise of a duty or power under this Act, a financial services Act or other Act.

Non-compellability

55   A member, officer, employee or any other person performing a duty or exercising a power under this Act, a financial services Act or other Act is not compellable as a witness in a civil action or other proceeding to which the authority is not a party respecting any document or information obtained, received or made under this Act, a financial services Act or other Act, and cannot be required to produce such a document or information.

Signing of orders

56   An order of the authority or other document required to be signed by the authority may be signed on its behalf by the chair or any other member.

Registering orders of authority in court

57   If the authority has made an order authorized by this Act or a financial services Act after a hearing, the order may be registered in the court and, once registered, may be enforced as if it were a judgment of the court.

Orders coming into force in the future

58(1)   The authority may direct in any order that the authority is authorized to make under this Act, a financial services Act or other Act that the order or any portion of the order comes into force

(a) at a future fixed time;

(b) upon the happening of any contingency, event or condition specified in the order; or

(c) upon the performance to the satisfaction of the authority, or a person named in the order for the purpose, of any terms that the authority may impose on any party;

and may direct that the whole or any portion of the order has force for a limited time only or until the happening of a specified event.

Interim orders

58(2)   The authority may, instead of making an order final in the first instance, make an interim order and reserve further directions, either for an adjourned hearing of the matter or further application.

Authority may enter into certain agreements

59   Despite section 16 of The Executive Government Organization Act, the authority may enter into or amend agreements with the Government of Canada, a government of another province or territory of Canada or a government or regulatory authority in any jurisdiction with respect to regulatory cooperation, information sharing and the use and administration of shared information systems.

Use of information by authority

60   The authority may use any information, including personal information as defined in The Freedom of Information and Protection of Privacy Act, that it collects or obtains under this Act, a financial services Act or other Act for the purpose of performing any of its duties and exercising any of its powers.

Sharing information

61   For the purpose of performing its duties and exercising its powers under this Act, a financial services Act or other Act and assisting in the administration of similar legislation of another jurisdiction, the authority may provide any information, including personal information as defined in The Freedom of Information and Protection of Privacy Act, collected or obtained under this Act, a financial services Act or other Act to

(a) a law enforcement agency;

(b) a government or regulatory authority in Canada or elsewhere;

(c) a self-regulatory organization or other organization that is recognized, designated or established under a financial services Act;

(d) a person with whom the authority has entered into an agreement for the sharing of information; or

(e) a person prescribed by regulation.

Use of government services

62(1)   For the purpose of performing its duties and exercising its powers under this Act, a financial services Act or other Act, the authority may, with the consent of the minister in charge of a department of the government, avail itself of the services of any officer or other employee of the department.

Authority exempt from certain fees

62(2)   The district registrars of land titles districts throughout the province and the departments of the government must provide the authority with the certificates and certified copies of public records that the authority requires without charge, and any member or employee of the authority may at any time search in the public records of the Land Titles Office or of any other department without charge.

REGULATIONS

Regulations

63   The Lieutenant Governor in Council may make regulations

(a) respecting the conduct of the business and affairs of the authority;

(b) respecting the extent to which The Corporations Act applies to the authority;

(c) prescribing fines, administrative penalties or other funds generated under financial services Acts that may be used only for the purposes specified in rule 2 of subsection 22(4);

(d) prescribing other permitted uses of funds generated under a provision referred to in rule 1 of subsection 22(4);

(e) governing requirements, practices and procedures for investigations, hearings, reviews and appeals;

(f) prescribing persons for the purpose of clause 61(e);

(g) respecting any other matter the Lieutenant Governor in Council considers necessary or advisable for the administration of this Act.

Rules for investigations, hearings, reviews and appeals

64(1)   The authority may make rules respecting any of the matters referred to in clause 63(e).

Regulation prevails

64(2)   If the provisions of a regulation made under clause 63(e) and a rule made under this section conflict, the regulation prevails.

LG in C may amend or repeal rule

64(3)   The Lieutenant Governor in Council may amend or repeal any rule made by the authority under this section.

Force and effect of rule

64(4)   Subject to subsections (2) and (3) and section 65, a rule made by the authority under this section has the same force and effect as a regulation made by the Lieutenant Governor in Council under section 63.

Statutes and Regulations Act does not apply

64(5)   The Statutes and Regulations Act does not apply to a rule made under subsection (1) by the authority.

Publication of rules

65   A rule of the authority made under section 64 must be published in the same manner as a rule under section 149.2 of The Securities Act and that section applies to a rule made under section 64, with necessary changes.

Incorporation by reference

66   A regulation or rule may incorporate by reference, in whole or in part, any standard, procedure or guideline and may require compliance with any standard, procedure or guideline adopted.

PART 11
TRANSITIONAL PROVISIONS

Definitions

67(1)   The following definitions apply in this Part.

"commission" means the Manitoba Securities Commission continued under subsection 2(1) of The Securities Act as it read immediately before the coming into force of this Part. (« Commission »)

"Manitoba Financial Services Agency" means the Manitoba Financial Services Agency designated as a special operating agency under the Special Operating Agencies Designation Regulation, Manitoba Regulation 79/2006. (« Office des services financiers du Manitoba »)

Commission dissolved

67(2)   On the coming into force of this Part,

(a) the commission is dissolved;

(b) the rights and property of the commission are vested in the authority;

(c) all liabilities and obligations of the commission are assumed by the authority;

(d) a legal proceeding or action commenced by or against the commission may be continued by or against the authority as if it were the commission; and

(e) a reference to the commission in an enactment, by-law, contract, agreement, instrument or other document or record is deemed to be a reference to the authority.

First directors

67(3)   On the coming into force of this Part, a member of the commission is deemed to be a member of the authority as if the member were appointed under section 9 of this Act and continues to hold office until the member is re-appointed, the appointment is revoked or their successor is appointed in accordance with section 10.

First chair and vice-chair

67(4)   On the coming into force of this Part, the chair and vice-chair of the commission are designated as the chair and vice-chair of the authority.

Rights and obligations of Manitoba Financial Services Agency

67(5)   On the coming into force of this Part,

(a) the rights and property of the Manitoba Financial Services Agency are vested in the authority;

(b) all liabilities and obligations of the Manitoba Financial Services Agency are assumed by the authority;

(c) a legal proceeding or action commenced by or against the Manitoba Financial Services Agency may be continued by or against the authority as if it were the Manitoba Financial Services Agency; and

(d) a reference to the Manitoba Financial Services Agency in an enactment, by-law, contract, agreement, instrument or other document or record is deemed to be a reference to the authority.

Decisions of commission

67(6)   A decision, direction, order, ruling or other determination made by the commission that is in effect on the coming into force of this Part is deemed to be made by the authority.

Decisions of regulators

67(7)   A decision, direction, order, ruling or other determination made under a financial services Act by a decision maker other than the commission that is in effect on the coming into force of this Part is deemed to be made by the regulator appointed under section 20 of this Act to exercise the powers and duties of the decision maker under the applicable financial services Act.

Regulations, rules and policies

67(8)   A regulation, rule or policy made by the commission that is in effect on the coming into force of this Part is deemed to be a regulation, rule or policy of the authority and may be amended, repealed or enforced by the authority.

Registration, etc.

67(9)   If, on the coming into force of this Part, a person holds a valid registration, certificate, licence or authorization issued by a decision maker under a financial services Act, the registration, certificate, licence or authorization

(a) is deemed to have been issued by the regulator appointed under section 20 of this Act to exercise the powers and duties of the decision maker under the applicable financial services Act; and

(b) continues to be valid until it expires unless it is cancelled, suspended or revoked beforehand.

Applications and filings

67(10)   If, on the coming into force of this Part, the commission or a decision maker under a financial services Act has not completed their consideration of an application or filing made under that financial services Act, the application or filing must be dealt with by the authority or a regulator appointed under section 20 of this Act to consider the relevant application or filing as if the application or filing had been made to the authority or relevant regulator.

Employees of authority

67(11)   Each individual who, on the coming into force of this Part, is appointed under Part 3 of The Public Service Act to a position in the Manitoba Financial Services Agency is deemed to be an employee of the authority appointed under section 21 of this Act.

Effect of enactment on authority's employees

67(12)   A claim for constructive dismissal or breach of contract does not arise by reason only of the enactment of this Act.

Effect on Civil Service Superannuation Act

67(13)   An individual's entitlement under The Civil Service Superannuation Act on or before the coming into force of this Part is not affected in any manner by reason only of the enactment of this Act.

Transfer from Consolidated Fund

67(14)   The Minister of Finance may transfer to the authority out of the Consolidated Fund any funds held on behalf of the Manitoba Financial Services Agency without any legislative authority other than this section.

Regulations

67(15)   The Lieutenant Governor in Council may make regulations to remedy any difficulty, inconsistency or impossibility resulting from the implementation of this Act.

PART 12
RELATED AND CONSEQUENTIAL AMENDMENTS

THE COMMODITY FUTURES ACT

C.C.S.M. c. C152 amended

68(1)   The Commodity Futures Act is amended by this section.

68(2)   Subsection 1(1) is amended

(a) by replacing the definitions "commission" and "director" with the following:

"commission" means the Manitoba Financial Services Authority established by section 3 of The Manitoba Financial Services Authority Act; (« Commission »)

"director" means, unless the context otherwise requires,

(a) the director of capital markets appointed under The Manitoba Financial Services Authority Act, or

(b) a deputy director of capital markets appointed under The Manitoba Financial Services Authority Act and acting under subsection 3(2); (« directeur »)

(b) by repealing the definition "secretary".

68(3)   Section 2 is repealed.

68(4)   Section 3 is replaced with the following:

Functions of director

3(1)   The director must perform the duties and may exercise the powers conferred on the director by this Act, the regulations or the rules.

Deputy director to act in place of director

3(2)   A deputy director may perform the duties and exercise the powers of the director if

(a) the director is absent or unable to act;

(b) the position of director is vacant; or

(c) the director asks the deputy director to act.

Delegation

3(3)   Subject to subsection (4), the commission may, in writing, delegate any duty or power of the commission under this Act, the regulations or the rules to the director or a deputy director.

Limits on delegation

3(4)   The commission must not delegate to the director or a deputy director any of its duties or powers under Part 2, section 23.1 and subsection 71(1).

Exercise of delegated functions

3(5)   The director or a deputy director must perform the duties and may exercise the powers delegated to the director or that deputy director by the commission.

No sub-delegation

3(6)   The director or a deputy director must not delegate a duty or power that is delegated to the director or that deputy director under subsection (3) to any person.

Signing of orders

3.1   An order of the commission or any other document required to be signed by the commission may be signed on its behalf by the director or a deputy director.

68(5)   Section 4 is repealed.

68(6)   Subsection 5(2) is amended by adding "and section 30 of The Manitoba Financial Services Authority Act" after "subsections 6(3) and (4)".

68(7)   Sections 8, 9 and 10 are repealed.

68(8)   Clause 11(b) is amended

(a) by striking out "under section 8" wherever it occurs; and

(b) by adding "during an investigation or financial examination made under section 6 or 7" at the end.

68(9)   Section 21 is amended by striking out "Part IV (Appeals) of The Securities Act" and substituting "Part 9 (Reviews and Appeals) of The Manitoba Financial Services Authority Act".

68(10)   Subsection 23.1(2) is replaced with the following:

Review under Part 9 of Manitoba Financial Services Authority Act

23.1(2)   If the commission decides to review the decision, Part 9 (Reviews and Appeals) of The Manitoba Financial Services Authority Act applies, with necessary modifications, to the review as if the decision were a decision of the director.

68(11)   Section 62.1 is repealed.

68(12)   Section 63 is amended by striking out "sections 23.2 and 62.1" and substituting "section 23.2".

68(13)   Subsection 69(1) is repealed.

68(14)   Section 70 is amended

(a) by repealing clause (c); and

(b) by replacing clause (d) with the following:

(d) providing for costs in respect of

(i) matters heard before the commission or the director,

(ii) investigations and examinations under Part 2 (Investigations), and

(iii) services provided by persons appointed or engaged and the appearance of witnesses;

68(15)   Subsection 72(3) is amended by striking out "in as required in this section" and substituting "as required by this section".

THE COMMUNITY DEVELOPMENT BONDS ACT

C.C.S.M. c. C160 amended

69   Section 26 of The Community Development Bonds Act is amended by striking out "The Manitoba Securities Commission" and substituting "the Manitoba Financial Services Authority".

THE COOPERATIVES ACT

C.C.S.M. c. C223 amended

70(1)   The Cooperatives Act is amended by this section.

70(2)   The definition "Superintendent" in subsection 1(1) is amended by adding "or appointed" after "designated".

70(3)   The following is added after subsection 7.1(2):

Appointment of employee of Manitoba Financial Services Authority

7.1(2.1)   Despite subsection (1), the minister may appoint an employee of the Manitoba Financial Services Authority as the Superintendent to carry out the duties and exercise the powers of the Superintendent under this Act and may also appoint an employee of the Manitoba Financial Services Authority as one or more Deputy Superintendents.

Fees and costs payable to Authority

7.1(2.2)   If the minister appoints an employee of the Manitoba Financial Services Authority as Superintendent, all fees and costs payable to the Superintendent for any action the Superintendent is required or authorized to take under this Act must be paid to the Manitoba Financial Services Authority and may be used by the Authority in accordance with Part 5 (Financial Management) of The Manitoba Financial Services Authority Act.

70(4)   Section 248 is amended by replacing the definition "commission" with the following:

"commission" means the Manitoba Financial Services Authority established by section 3 of The Manitoba Financial Services Authority Act; (« commission »)

70(5)   Clause 382(1)(b) is amended by striking out "designated under subsection 7.1(1)" and substituting "designated or appointed under section 7.1".

THE CORPORATIONS ACT

C.C.S.M. c. C225 amended

71(1)   The Corporations Act is amended by this section.

71(2)   Subsection 1(1) is amended by replacing the definition "commission" with the following:

"commission" means the Manitoba Financial Services Authority established by section 3 of The Manitoba Financial Services Authority Act; (« Commission »)

71(3)   Section 23.1 is amended in the definition "regulator" by replacing clause (a) with the following:

(a) the Manitoba Financial Services Authority established under The Manitoba Financial Services Authority Act;

71(4)   Subsection 278(2) is replaced with the following:

"Superintendent of Insurance" defined

278(2)   In this Part, "Superintendent of Insurance" means the superintendent of insurance or a deputy superintendent of insurance appointed under The Manitoba Financial Services Authority Act.

71(5)   Section 315.1 is amended by renumbering it as subsection 315.1(1) and adding the following as subsections 315.1(2) and (3):

Appointment of commission employee

315.1(2)   An employee of the commission may be appointed as Director or Deputy Director under subsection (1).

Fees and costs payable to commission

315.1(3)   If an employee of the commission is appointed as Director, all fees and costs payable to the Director for any action the Director is required or authorized to take under this Part must be paid to the commission and may be used by the commission in accordance with Part 5 (Financial Management) of The Manitoba Financial Services Authority Act.

THE CREDIT UNIONS AND CAISSES POPULAIRES ACT

C.C.S.M. c. C301 amended

72(1)   The Credit Unions and Caisses Populaires Act is amended by this section.

72(2)   Subsection 1(1) is amended

(a) by adding the following definition:

"authority" means the Manitoba Financial Services Authority established by section 3 of The Manitoba Financial Services Authority Act; (« Autorité »)

(b) by replacing the definition "Registrar" with the following:

"Registrar" means

(a) the registrar of credit unions and caisses populaires appointed under The Manitoba Financial Services Authority Act, or

(b) a deputy registrar of credit unions and caisses populaires appointed under The Manitoba Financial Services Authority Act and acting under subsection 1(4); (« registraire »)

72(3)   The following is added after subsection 1(3):

Deputy registrar to act in place of Registrar

1(4)   A deputy registrar may perform the duties and exercise the powers of the Registrar if

(a) the Registrar is absent or unable to act;

(b) the position of Registrar is vacant; or

(c) the Registrar asks the deputy registrar to act.

72(4)   Clause 51.4(1)(a) is amended by striking out "Registrar" and substituting "authority".

72(5)   Clause 77(2)(e) is replaced with the following:

(e) a member of the authority, an employee of the authority or a person who was a member or employee of the authority at any time within 12 months before becoming a director;

72(6)   Clause 147(2)(g) is replaced with the following:

(g) a member of the authority, an employee of the authority or a person who was a member or employee of the authority at any time within 12 months before becoming a member of the board;

72(7)   Subsection 147(3) is repealed.

72(8)   The following is added after section 159.2:

Registrar must consult with minister

159.2.1   The Registrar must consult with and obtain the approval of the minister prior to approving a standard under subsection 159.1(1) or 159.2(1).

72(9)   Section 159.4 is repealed.

72(10)   Clause 165(1)(e) of the English version is amended by adding "and" after "credit unions".

72(11)   Subsection 187(2) is amended

(a) by replacing clauses (b) and (c) with the following:

(b) an employee, auditor or solicitor of the central or guarantee corporation or a person who was an employee, auditor or solicitor at any time within 12 months before becoming a director;

(c) a member of the authority, an employee of the authority or a person who was a member or employee of the authority at any time within 12 months before becoming a director; or

(b) by repealing clause (c.1).

72(12)   Subsection 190.2(1) is repealed.

72(13)   Subsection 222(1) is repealed.

72(14)   Subsection 222(2) is amended by striking out "referred to in subsection (1)" and substituting "of the Registrar".

72(15)   Clause 227(3)(a) is amended by striking out everything after "under this Act".

THE FRANCOPHONE COMMUNITY ENHANCEMENT AND SUPPORT ACT

C.C.S.M. c. F157 amended

73   Subsection 1(1) of The Francophone Community Enhancement and Support Act is amended in the definition "government agency" by adding the following after subclause (a)(i):

(i.1) The Manitoba Financial Services Authority,

THE FREEDOM OF INFORMATION AND PROTECTION OF PRIVACY ACT

C.C.S.M. c. F175 amended

74   Subclause 28(1)(e)(iii) of The Freedom of Information and Protection of Privacy Act is amended by striking out "The Manitoba Securities Commission" and substituting "the Manitoba Financial Services Authority".

THE INSURANCE ACT

C.C.S.M. c. I40 amended

75(1)   The Insurance Act is amended by this section.

75(2)   Section 1 is amended

(a) by adding the following definition:

"authority" means the Manitoba Financial Services Authority established by section 3 of The Manitoba Financial Services Authority Act; (« Autorité »)

(b) by replacing the definition "superintendent" with the following:

"superintendent" means

(a) the superintendent of insurance appointed under The Manitoba Financial Services Authority Act, or

(b) a deputy superintendent of insurance appointed under The Manitoba Financial Services Authority Act and acting under section 3 or 3.1; (« surintendant »)

75(3)   Subsection 2(1) is repealed.

75(4)   Subsection 2(2) is amended

(a) by repealing clause (d); and

(b) in clause (e), by striking out "minister" and substituting "authority".

75(5)   Section 3 of the English version is amended by striking out "Deputy Superintendent of Insurance" and substituting "deputy superintendent of insurance".

75(6)   Section 3.1 is amended

(a) in the English version, by striking out "Deputy Superintendent of Insurance" and substituting "deputy superintendent of insurance"; and

(b) by striking out "in the office of the superintendent" and substituting "of the authority".

75(7)   Subsection 5(1) is amended by striking out "With the approval of the Lieutenant Governor in Council, the minister" and substituting "The authority".

75(8)   Clause 5(2)(b) is amended by striking out "government's" and substituting "authority's".

75(9)   Subsection 6(1) is replaced with the following:

General powers of superintendent

6(1)   In carrying out the superintendent's duties and exercising the superintendent's powers under this Act or under any other Act relating to insurance, the superintendent has the powers of a commissioner under Part V of The Manitoba Evidence Act.

75(10)   Clauses 7(a) and (b) are replaced with the following:

(a) a member of the authority;

(b) the superintendent;

(c) any other employee of the authority.

75(11)   Section 8 is repealed.

75(12)   Section 11 is replaced with the following:

Superintendent to determine right to licence

11   Subject to the provisions of this Act and The Manitoba Financial Services Authority Act providing for reviews and appeals, the superintendent may determine the right of an insurer to be licensed.

75(13)   Subsection 12(1) is amended by striking out "right of appeal set out" and substituting "right to a review referred to".

75(14)   Subsection 12(3) is replaced with the following:

Review by authority

12(3)   If the superintendent withholds approval of the matter, the applicant may apply to the authority for a review of the superintendent's decision under section 52 of The Manitoba Financial Services Authority Act.

75(15)   Section 14 is replaced with the following:

Review by authority

14   If the superintendent refuses to issue an insurer's licence to an applicant, the applicant may apply to the authority for a review of the superintendent's decision under section 52 of The Manitoba Financial Services Authority Act.

75(16)   Subsection 18(1) is amended by adding "and" at the end of clause (a), striking out "and" at the end of clause (b) and repealing clause (c).

75(17)   Subsection 18(3) is amended

(a) by striking out "Manitoba the minister may instruct the superintendent to" and substituting "Manitoba, the superintendent may"; and

(b) by striking out "minister requires" and substituting "superintendent requires".

75(18)   Subsection 18(5) is amended by striking out "the superintendent, with the approval of the minister, may" and substituting "the superintendent may".

75(19)   Subsection 18(7) is amended, in the part before clause (a), by striking out "With the approval of the minister, the superintendent" and substituting "The superintendent".

75(20)   Subsection 18(8) is amended by striking out "government" and substituting "authority".

75(21)   Subsection 18(9) is amended by striking out "the superintendent may, with the minister's approval, issue" and substituting "the superintendent may issue".

75(22)   Subsection 18(10) is replaced with the following:

Debt due to authority

18(10)   An amount payable under subsection (8) or (9) is a debt due to the authority if it is not paid.

75(23)   Subsection 18(11) is repealed.

75(24)   Subsection 18(12) is amended

(a) in the part before clause (a), by striking out "government" and substituting "authority";

(b) in clause (a), by striking out "government personnel" and substituting "the authority's personnel";

(c) in clause (b), by striking out everything after "subsection (9)";

(d) by replacing clause (c) with the following:

(c) the reasonable cost to the authority of goods, services, supplies and equipment used by the authority for the purpose of this section;

(e) in clause (d), by striking out everything after "subsection (9)".

75(25)   Subsection 18(13) is amended, in the part before clause (a), by striking out "With the minister's approval, the superintendent may" and substituting "The superintendent may".

75(26)   Subsection 19(1) is amended by striking out "with a person in the superintendent's office" and substituting "an employee of the authority".

75(27)   Subsection 20(1) is replaced with the following:

Annual report

20(1)   The annual report of the authority required by section 28 of The Manitoba Financial Services Authority Act must include an annual report of the superintendent that

(a) shows the particulars of the business of each licensed insurer as ascertained from the insurer's statements and from inspections, financial examinations and inquiries under this Act; and

(b) lists the persons licensed as special insurance brokers.

75(28)   Subsection 20(9) is replaced with the following:

Review by authority

20(9)   An insurer affected by a decision or requirement of the superintendent under this section may apply to the authority for a review of the superintendent's decision or requirement under section 52 of The Manitoba Financial Services Authority Act.

75(29)   Section 21 and the centred heading before it are repealed.

75(30)   Subsection 24(5) is amended by striking out "Lieutenant Governor in Council may, upon the report of the superintendent," and substituting "superintendent may".

75(31)   Subsection 27(2) is amended by striking out "minister" and substituting "superintendent".

75(32)   Subsection 27(3) is amended, in the part before clause (a) and in clause (b), by striking out "minister" and substituting "superintendent".

75(33)   Subsection 27(4) is amended by striking out "minister" wherever it occurs and substituting "superintendent".

75(34)   Subsection 27(5) is amended by adding "and, for certainty, the determination is not subject to review under section 52 of The Manitoba Financial Services Authority Act" at the end.

75(35)   Subsection 30(7) is amended, in the part after clause (c), by striking out "minister" and substituting "superintendent".

75(36)   Subsection 30(10) is amended by striking out "Lieutenant Governor in Council" and substituting "superintendent".

75(37)   Section 37.1 is replaced with the following:

Suspension or cancellation of licence — offences

37.1   The superintendent may suspend or cancel, with or without conditions, the licence of an insurer or special insurance broker who is convicted of an offence mentioned in subsection 410(1).

Suspension or cancellation of licence — failure to pay, collect and remit taxes

37.2   The minister may direct the superintendent to suspend or cancel, with or without conditions, the licence of an insurer or special insurance broker who fails to

(a) pay when it is due any tax payable under The Insurance Corporations Tax Act; or

(b) collect and remit when it is due any tax to be collected and remitted under The Retail Sales Tax Act in respect of an insurance premium.

75(38)   Subsection 38(1) is replaced with the following:

Finding of insufficiency, etc.

38(1)   If, based on the inspection or financial examination of an insurer, the insurer's annual statement or other evidence about the insurer, the superintendent finds that

(a) the insurer's assets are insufficient to justify its continuance in business or to provide proper security to persons effecting insurance with it in Manitoba; or

(b) the insurer has failed to comply with any provision of law or its instrument of incorporation;

the superintendent may, after giving the insurer an opportunity to be heard, suspend or cancel the insurer's licence or issue a modified, limited or conditional licence under subsection (4).

75(39)   Subsection 38(2) is repealed.

75(40)   Subsection 38(4) is replaced with the following:

Limited licence

38(4)   The superintendent may issue a modified, limited or conditional licence to an insurer if the superintendent considers it necessary for the protection of persons in Manitoba who have effected or may effect contracts of insurance with the insurer.

75(41)   Section 40 is amended by striking out "minister" and substituting "superintendent or, in the case of a suspension or cancellation under section 37.2, the minister".

75(42)   Section 41 is replaced with the following:

Contravention of Act or regulations

41   The superintendent may suspend, cancel or refuse to renew the licence of an insurer who has contravened a provision of this Act or the regulations.

75(43)   Clause 41.8(f) is replaced with the following:

(f) a member of the authority or an employee of the authority;

75(44)   Subsection 77(3) is amended by striking out "minister" and substituting "superintendent".

75(45)   Subsection 77(4) is amended

(a) by striking out "minister" and substituting "authority"; and

(b) by striking out "Crown" and substituting "authority".

75(46)   Subsection 87.1(1) is amended in the definitions "insurance compliance self-evaluative audit" and "insurance compliance self-evaluative audit document" by striking out "the minister or".

75(47)   Subsection 87.1(4) is amended by striking out "minister" and substituting "government".

75(48)   Clause 87.1(6)(a) is amended by striking out "minister" and substituting "government".

75(49)   Subsection 94(1) is amended by striking out "Attorney-General" and substituting "superintendent".

75(50)   Subsection 95(1) is amended

(a) by striking out "him" and substituting "the superintendent"; and

(b) by striking out "minister" and substituting "superintendent".

75(51)   Subsection 95(3) is amended by striking out "minister" wherever it occurs and substituting "superintendent".

75(52)   Subsection 97(2) is repealed.

75(53)   Subsection 98(1) is amended

(a) in the section heading, by striking out "by minister"; and

(b) in the part after clause (b), by striking out "minister" and substituting "superintendent".

75(54)   Subsection 99(1) is amended by striking out "minister" and substituting "superintendent".

75(55)   Subsection 107(2) is amended by striking out "he is required to do so by the authority appointing him or by the minister" and substituting "required to do so by the authority appointing the liquidator or by the superintendent".

75(56)   Subsection 108(2) is amended by striking out "the superintendent and filed with the Provincial Secretary" and substituting "and filed with the superintendent".

75(57)   Subsection 111(4) is amended by striking out "government" and substituting "authority" in the section heading and in the section.

75(58)   Subsections 113(8) and (9) are replaced with the following:

Review by authority

113(8)   A person affected by an order made by the superintendent under this section may apply to the authority for a review of the order under section 52 of The Manitoba Financial Services Authority Act.

Appeal to The Court of Appeal

113(9)   A person affected by a decision of the authority referred to in subsection (8) may appeal the decision to The Court of Appeal under section 53 of The Manitoba Financial Services Authority Act.

75(59)   Subsection 114(1) is amended by striking out "minister" and substituting "authority".

75(60)   Subsection 114(4) is repealed.

75(61)   Subsection 306(1) is amended by striking out "in the office of the superintendent," and substituting "with the superintendent".

75(62)   Subsection 306(3) is amended

(a) in the section heading, by striking out "appeal" and substituting "review";

(b) in the English version, by striking out "he shall forthwith" and substituting "the superintendent must without delay"; and

(c) by striking out "may, within 10 days, appeal therefrom to the Lieutenant Governor in Council, who" and substituting "may apply under section 52 of The Manitoba Financial Services Authority Act for a review by the authority, which".

75(63)   Subsection 306(4) is amended by striking out "Lieutenant Governor in Council" and substituting "authority".

75(64)   Section 307 is amended by striking out "or they have, on appeal, been approved by the Lieutenant Governor in Council" and substituting "or the rules have, on review, been approved by the authority".

75(65)   Subsection 308(1) is amended by striking out "25¢" and substituting "a reasonable fee".

75(66)   Subsections 315(1) and (2) are replaced with the following:

Report of inability of society

315(1)   If it appears to the superintendent from the statement and reports filed with the superintendent or from an examination or valuation that the assets of a society applicable for the purpose are insufficient to provide for the payment of its contracts at maturity without deduction or abatement and without increase in its existing rates of contribution, the superintendent must make an order under subsection (2).

Superintendent's order to change rates and benefits

315(2)   The superintendent must, based on the assessment under subsection (1), order the society to make, within such time as the superintendent prescribes, but not exceeding four years, such increases in the society's rates of contribution, or such reduction in the benefits payable under its contracts, or such other changes, as will enable the society to provide for the payment of its contracts at maturity.

75(67)   Subsection 315(3) of the English version is amended by striking out "requirement" and substituting "order".

75(68)   Subsection 315(4) is amended by striking out "request of the minister" and substituting "order of the superintendent".

75(69)   Section 316 is amended by striking out "requirement of the minister" and substituting "order of the superintendent".

75(70)   Subsection 317(1) is amended by striking out "requirement of the minister, the superintendent shall report the default to the minister, who shall thereupon" and substituting "order of the superintendent, the superintendent must promptly".

75(71)   Subsection 317(2) is amended by striking out "in the office of the superintendent" and substituting "with the superintendent".

75(72)   Subsection 318(2) is amended by striking out "his special report shall be embodied in his annual report" and substituting "the superintendent's special report must be included in the annual report of the superintendent referred to in section 20".

75(73)   Subsection 352(3) is amended

(a) by striking out "him" and substituting "that member"; and

(b) by striking out "Lieutenant Governor in Council" and substituting "authority".

75(74)   Clause 353(e) is amended

(a) by striking out "him" and substituting "that member"; and

(b) by striking out "Lieutenant Governor in Council" and substituting "authority".

75(75)   Subsection 367(1) is amended by striking out "minister on the report of the superintendent, after due notice and opportunity for a hearing before the superintendent has been given to the exchange or its attorney" and substituting "superintendent, after the superintendent has given the exchange or its attorney notice and an opportunity for a hearing".

75(76)   Subsection 375(1) is amended, in the part before clause (a), by striking out "if a hearing is required under the regulations,".

75(77)   Clause 375(1.1)(d) is amended by striking out ", where applicable, of the".

75(78)   Subsection 375(1.2) is amended by striking out "leaves the superintendent's office for delivery" and substituting "is given by the authority".

75(79)   Subsection 375(1.8) is repealed.

75(80)   Section 383 is amended

(a) by striking out "minister" and substituting "superintendent"; and

(b) by striking out "his" and substituting "the broker's".

75(81)   Subsection 385(7) is amended, in the part before clause (a), by striking out "if one is required under the regulations,".

75(82)   Subsection 385(7.1) is amended by striking out "(1.8)" and substituting "(1.7)" in the section heading and in the subsection.

75(83)   Subsection 386(9) is amended, in the part before clause (a), by striking out "if one is required under the regulations,".

75(84)   Subsection 386(9.1) is amended by striking out "(1.8)" and substituting "(1.7)" in the section heading and in the section.

75(85)   Clause 389.3(14)(a) is amended by striking out "the superintendent or".

75(86)   Subsection 396.1(6) is amended by striking out "government" and substituting "authority".

75(87)   Subsection 396.1(9) is replaced with the following:

Approval of rules

396.1(9)   A rule made by an insurance council in accordance with this section does not come into force until it is approved by the authority.

Publication of rules

396.1(9.1)   A rule made by an insurance council in accordance with this section must be published on the website of the insurance council and, despite subsection (9), is not enforceable against any person until it has been published.

Insurance councils to conduct hearings

396.1(9.2)   If, in accordance with this section, the superintendent delegates to an insurance council the power to suspend or cancel a licence or take other disciplinary actions, the insurance council must conduct a hearing before exercising the delegated power.

75(88)   Subsection 396.1(11) is amended, in the part after clause (b), by striking out "section 389" and substituting "sections 389 to 389.3,".

75(89)   Section 400 is amended

(a) in the section heading, by striking out "for" and substituting "approved by superintendent"; and

(b) by striking out "Lieutenant Governor in Council" and substituting "superintendent".

75(90)   Section 404 is replaced with the following:

Approval of agreement

404   After giving an opportunity to be heard to the directors, shareholders, members, policyholders and any other person that the superintendent considers entitled to be heard on the petition, the superintendent may approve the agreement if the superintendent is satisfied that no sufficient objection to the agreement has been established.

75(91)   Section 405 is amended

(a) by replacing the section heading with "No approval of agreement"; and

(b) by striking out "recommended" and substituting "approved".

75(92)   Section 406 is amended by striking out "Lieutenant Governor in Council" and substituting "superintendent".

75(93)   Clause 410(1)(a) is amended by adding "the authority," before "the superintendent".

THE LABOUR-SPONSORED VENTURE CAPITAL CORPORATIONS ACT

C.C.S.M. c. L12 amended

76(1)   The Labour-Sponsored Venture Capital Corporations Act is amended by this section.

76(2)   Subsection 1(1) is amended

(a) by adding the following definition:

"authority" means the Manitoba Financial Services Authority established by section 3 of The Manitoba Financial Services Authority Act; (« Autorité »)

(b) by repealing the definition "commission".

76(3)   Subsection 5.6(3) is amended by striking out "commission" and substituting "authority".

76(4)   Subsection 10.2(1) is amended

(a) in the section heading, by striking out "Manitoba Securities Commission" and substituting "authority"; and

(b) in the part before clause (a), by striking out "commission" and substituting "authority".

76(5)   Subsection 10.2(2) is replaced with the following:

Annual report

10.2(2)   The annual report of the authority required by section 28 of The Manitoba Financial Services Authority Act must include such information as the minister requires regarding the matters for which the authority is responsible under subsection (1).

76(6)   Subsection 12(4) is amended by striking out "commission" wherever it occurs and substituting "authority".

76(7)   Subsection 12(5) is amended by striking out "commission" and substituting "authority".

76(8)   Clause 16(1)(a) is amended by striking out "commission" and substituting "authority".

THE MORTGAGE BROKERS ACT

C.C.S.M. c. M210 amended

77(1)   The Mortgage Brokers Act is amended by this section.

77(2)   Section 1 is amended

(a) by replacing the definitions "commission" and "registrar" with the following:

"commission" means the Manitoba Financial Services Authority established by section 3 of The Manitoba Financial Services Authority Act; (« Commission »)

"registrar" means

(a) the registrar of mortgage brokers appointed under The Manitoba Financial Services Authority Act, or

(b) a deputy registrar of mortgage brokers appointed under The Manitoba Financial Services Authority Act and acting under section 1.1; (« registraire »)

(b) by repealing the definition "deputy registrar".

77(3)   The following is added after section 1 and before Part I:

Deputy registrar to act in place of registrar

1.1   A deputy registrar may perform the duties and exercise the powers of the registrar if

(a) the registrar is absent or unable to act;

(b) the position of registrar is vacant; or

(c) the registrar asks the deputy registrar to act.

77(4)   Subsection 3(5) is amended

(a) by striking out "subsections (1), (2) and (3)" and substituting "subsections (1) and (3),"; and

(b) by striking out "subsection (1), (2) or (3)" and substituting "subsection (1) or (3)".

77(5)   Subsection 4(4) is repealed.

77(6)   The following is added after section 4:

Review by commission

4.1   A person affected by a decision of the registrar under this Act may apply to the commission for a review of the registrar's decision under section 52 of The Manitoba Financial Services Authority Act.

77(7)   Subsection 5(2) is amended by striking out "hearing and review under section 29 of The Securities Act" and substituting "review under section 52 of The Manitoba Financial Services Authority Act".

77(8)   Section 36.2 is repealed.

77(9)   Subsection 38(1) is amended, in the part before clause (a), by striking out "His Majesty in Right of Manitoba if there has been filed with the registrar an order of the commission" and substituting "the commission if the commission has made an order".

77(10)   Subsection 38(2) is amended by striking out "His Majesty in right of Manitoba if there has been filed with the registrar an order of the commission" and substituting "the commission if the commission has made an order".

77(11)   The following is added after section 38 as part of Part IV:

Application for order for compliance

38.1(1)   Where it appears to the commission that any person has failed to comply with or is violating any provision of this Act or the regulations or any order of the commission, despite the imposition of any penalty in respect of the non-compliance or violation and in addition to any other rights it may have, the commission may apply to the Court of King's Bench for an order directing the person to comply with the provision or order or for an order restraining the person from violating the provision or order, and the court may make the order or such other order as the court thinks fit.

Application without notice

38.1(2)   An application may be made under subsection (1) without notice, and the court may make an interim order for a period not exceeding 10 days.

Extension of interim order

38.1(3)   An interim order made under subsection (2) remains in force for the period specified in the order unless the period is extended upon application made with or without notice; but if it is in force on the day when the application under subsection (1) is determined, it is deemed to be dissolved on that day.

Enforcement of order

38.1(4)   An order or interim order made under this section may be enforced in the same manner as any other order or interim order of the court and may be varied or discharged upon an application to the court.

Rules of court to apply

38.1(5)   Except where otherwise provided, the King's Bench Rules apply to proceedings under this section.

77(12)   Section 50 is repealed.

77(13)   Clause 54(n) is amended by striking out "His Majesty" and substituting "the commission".

THE PERSONAL PROPERTY SECURITY ACT

C.C.S.M. c. P35 amended

78   Section 1 of The Personal Property Security Act is amended

(a) in clause (a) of the definition "futures contract", by striking out "Manitoba Securities Commission" and substituting "Manitoba Financial Services Authority"; and

(b) in clause (b) of the definition "futures intermediary", by striking out "Manitoba Securities Commission" and substituting "Manitoba Financial Services Authority".

THE MANITOBA PUBLIC INSURANCE CORPORATION ACT

C.C.S.M. c. P215 amended

79   Subsection 1(1) of The Manitoba Public Insurance Corporation Act is amended by repealing the definition "superintendent".

THE REAL ESTATE SERVICES ACT

C.C.S.M. c. R21 amended

80(1)   The Real Estate Services Act is amended by this section.

80(2)   Section 1 is amended

(a) by adding the following definition:

"registrar" means

(a) the registrar of real estate appointed under The Manitoba Financial Services Authority Act; or

(b) a deputy registrar of real estate appointed under The Manitoba Financial Services Authority Act and acting under subsection 2(2). (« registraire »)

(b) by replacing the definition "commission" with the following:

"commission" means the Manitoba Financial Services Authority established by section 3 of The Manitoba Financial Services Authority Act. (« commission »)

80(3)   Subsection 2(1) is repealed.

80(4)   Section 20 is replaced with the following:

Review by commission of registration decisions

20   A person affected by a decision of the registrar to

(a) refuse to register a person or to renew a registration under subsection 16(1); or

(b) impose conditions or restrictions on a registration or renewal under subsection 16(2) or conditions on the surrender of a registration under subsection 19(3);

may apply to the commission for a review of the registrar's decision under section 52 of The Manitoba Financial Services Authority Act.

80(5)   Subsection 30(2) of the English version is amended in the section heading by striking out "Copy to" and substituting "Copy of".

80(6)   Subsection 40(3) is amended, in the part before clause (a), by striking out "may use" and substituting "may only use".

80(7)   Section 44 is amended by replacing the definition "investigator" with the following:

"investigator" means a person required by the registrar under section 48 to conduct an investigation and, in subsections 48(4) to (8) and sections 49 to 53, includes the registrar. (« enquêteur »)

80(8)   Subsection 48(1) is amended by replacing the part before clause (a) with the following:

Investigations

48(1)   The registrar may conduct, or may require an investigator to conduct, an investigation to determine whether

80(9)   Subsection 48(3) is repealed.

80(10)   Section 51 is repealed.

80(11)   Section 54 is replaced with the following:

Request to commission for investigation order

54(1)   If the registrar considers it necessary for the effective conduct of an investigation under this Act, the registrar may request the commission to make an investigation order under subsection (2).

Investigation order

54(2)   The commission may, by order, appoint a person to make any investigation it considers necessary or advisable for the proper administration or enforcement of this Act or the regulations and the order must determine and prescribe the scope of the investigation.

Non-disclosure

54(3)   A person must not, without the consent of the commission, disclose at any time, except to the person's counsel,

(a) the nature or content of an order made under this section; or

(b) the name of any person examined or sought to be examined, any testimony given, any information obtained, the nature or content of any questions asked, the nature or content of any demands for the production of any document or other thing or the fact that any document or other thing was produced under this section.

Exceptions

54(4)   Despite subsection (3),

(a) a person making an investigation may make or authorize the making of such disclosure of information, evidence or names of witnesses as may be required for the effectual conduct of the investigation; and

(b) if the evidence of a witness has been taken down or recorded, the person who reported or recorded it may, at the request of the witness and at the witness's expense, provide the witness with a transcript of all or part of the witness's evidence at any time after their examination has been completed.

80(12)   Section 57 is replaced with the following:

Review by commission of registrar's disciplinary actions

57(1)   A person affected by a decision of the registrar to do anything mentioned in clauses 55(1)(a) to (d) or to suspend a registration under section 56 may apply to the commission for a review of the registrar's decision under section 52 of The Manitoba Financial Services Authority Act.

Request for disciplinary hearing not subject to review

57(2)   A request by the registrar under clause 55(1)(e) that the commission hold a disciplinary hearing under section 58 is not subject to review by the commission under section 52 of The Manitoba Financial Services Authority Act.

80(13)   Subsections 58(2) and 60(3) are repealed.

80(14)   Section 64 and the centred heading before it are replaced with the following:

ORDER FOR COMPLIANCE

Application for order for compliance

64(1)   Where it appears to the commission that any person has failed to comply with or is violating any provision of this Act or the regulations or any order of the registrar or the commission, despite the imposition of any penalty in respect of the non-compliance or violation and in addition to any other rights it may have, the commission may apply to the Court of King's Bench for an order directing the person to comply with the provision or order or for an order restraining the person from violating the provision or order, and the court may make the order or such other order as the court thinks fit.

Application without notice

64(2)   An application may be made under subsection (1) without notice, and the court may make an interim order for a period not exceeding 10 days.

Extension of interim order

64(3)   An interim order made under subsection (2) remains in force for the period specified in the order unless the period is extended upon application made with or without notice; but if it is in force on the day when the application under subsection (1) is determined, it is deemed to be dissolved on that day.

Enforcement of order

64(4)   An order or interim order made under this section may be enforced in the same manner as any other order or interim order of the court and may be varied or discharged upon an application to the court.

Rules of court to apply

64(5)   Except where otherwise provided, the King's Bench Rules apply to proceedings under this section.

80(15)   Subsection 68(2) of the English version is amended by striking out "than".

80(16)   Section 73 is amended by striking out "a request to the commission under subsection 29(1) of The Securities Act" and substituting "an application to the commission under subsection 52(1) of The Manitoba Financial Services Authority Act".

80(17)   Subsection 75(4) is amended by striking out "subsection 29(1) of The Securities Act" and substituting "subsection 52(1) of The Manitoba Financial Services Authority Act".

80(18)   Subsection 75(6) is amended by striking out "subsection 29(1) of The Securities Act" and substituting "subsection 52(1) of The Manitoba Financial Services Authority Act".

80(19)   Section 81 and the centred heading before it are repealed.

THE SECURITIES ACT

C.C.S.M. c. S50 amended

81(1)   The Securities Act is amended by this section.

81(2)   Subsection 1(1) is amended by replacing the definitions "commission" and "Director" with the following:

"commission" means the Manitoba Financial Services Authority established by section 3 of The Manitoba Financial Services Authority Act; (« Commission »)

"Director" means

(a) the director of capital markets appointed under The Manitoba Financial Services Authority Act, or

(b) a deputy director of capital markets appointed under The Manitoba Financial Services Authority Act and acting under subsection 5.1(2); (« directeur »)

81(3)   Part I is repealed.

81(4)   The following is added as Part I.1:

PART I.1
DIRECTOR OF CAPITAL MARKETS

Functions of Director

5.1(1)   The Director must perform the duties and may exercise the powers conferred on the Director by this Act or the regulations.

Deputy director to act in place of Director

5.1(2)   A deputy director may perform the duties and exercise the powers of the Director if

(a) the Director is absent or unable to act;

(b) the position of Director is vacant; or

(c) the Director asks the deputy director to act.

Delegation

5.1(3)   Subject to subsection (4), the commission may, in writing, delegate any duty or power of the commission under this Act or the regulations to the Director or a deputy director.

Limits on delegation

5.1(4)   The commission must not delegate to the Director or a deputy director any of its duties or powers under Part III, section 31.5.1 and subsection 149.1(1).

Exercise of delegated functions

5.1(5)   The Director or a deputy director must perform the duties and may exercise the powers that are delegated to the Director or that deputy director by the commission.

No subdelegation

5.1(6)   The Director or a deputy director must not delegate a duty or power that is delegated to the Director or that deputy director under subsection (3) to any person.

Signing of orders

5.1(7)   An order of the commission or other documents required to be signed by the commission may be signed on its behalf by the Director or a deputy director.

81(5)   Subsection 8(2) is amended by striking out "hearing and review under section 29" and substituting "review under section 52 of The Manitoba Financial Services Authority Act".

81(6)   Subsection 13(2) is amended by striking out "subsections 22(3) and (4)" and substituting "subsection 22(3) and section 30 of The Manitoba Financial Services Authority Act".

81(7)   Subsection 13(3) is amended by striking out "Lieutenant Governor in Council" and substituting "commission".

81(8)   Subsection 19(7) is amended by striking out "clause 5(1)(a)," and substituting "section 40 of The Manitoba Financial Services Authority Act".

81(9)   Section 21.1 and subsections 22(4) to (11) are repealed.

81(10)   Section 23 of the English version is amended by striking out "he deems" and substituting "the minister considers".

81(11)   Part IV is repealed.

81(12)   Subsection 31.5.1(2) is replaced with the following:

Review under Part 9 of Manitoba Financial Services Authority Act

31.5.1(2)   If the commission decides to review the decision, Part 9 (Reviews and Appeals) of The Manitoba Financial Services Authority Act applies, with necessary modifications, to the review as if the decision were a decision of the Director.

81(13)   Subsection 59(5) is amended by striking out "Notwithstanding subsection 30(8)" and substituting "Despite subsection 53(7) of The Manitoba Financial Services Authority Act".

81(14)   Subsections 142(1), (1.1) and (3) are repealed.

81(15)   Subsection 143(1) is amended by adding "under this Act" at the end.

81(16)   Sections 145 and 146 are repealed.

81(17)   Subsection 148.2(2) is amended by striking out "subsection 29(1)" and substituting "subsection 52(1) of The Manitoba Financial Services Authority Act".

81(18)   Section 149 is amended

(a) by replacing clause (s) with the following:

(s) providing for costs in respect of

(i) matters heard before the commission or the Director,

(ii) investigations, and

(iii) services provided by persons appointed or engaged and the appearance of witnesses;

(b) in clause (dd), by striking out "or the conduct of the business and affairs of the commission".

81(19)   Subsection 152(1) is amended by striking out "Act or of any other Act of the Legislature administered by the commission or of the regulations under this or any such other Act" and substituting "Act, the regulations".

81(20)   Section 152.1 is repealed.

81(21)   Subsection 153(1) is amended, in the part before clause (a),

(a) by striking out "required under subsection 7(4)" and substituting "that a person or company is required by the regulations to maintain"; and

(b) by striking out "His Majesty in right of Manitoba" and substituting "the commission".

81(22)   Subsection 153(2) is amended by striking out "required under subsection 7(4)" and substituting "that a person or company is required by the regulations to maintain".

81(23)   Subsection 153(4) is replaced with the following:

Collateral securing bond

153(4)   When a bond secured by the deposit of collateral security with the commission is forfeited under subsection (1), the commission may sell the collateral security at the current market price.

81(24)   Subsection 153(5) is amended by striking out "Crown" wherever it occurs and substituting "commission".

81(25)   Subsection 153(6) is replaced with the following:

Disposition of proceeds of bond

153(6)   The commission may, by order,

(a) assign any bond forfeited under subsection (1) and transfer the collateral security, if any;

(b) pay over any money recovered under the bond; or

(c) pay over any money realized from the sale of the collateral security under subsection (4);

to any person, or into the Court of King's Bench in trust for persons and companies who may become judgment creditors of the person or company bonded, or to any trustee, custodian, interim receiver, receiver or liquidator of that person or company.

81(26)   Subsection 153(7) is amended

(a) in the part after subclause (b)(ii), by striking out "possession of the Minister of Finance" and substituting "commission's possession"; and

(b) in the part after clause (b), by striking out "Lieutenant Governor in Council may direct the Minister of Finance to pay the proceeds or portion thereof to that person or company, or" and substituting "commission may pay the proceeds or portion thereof".

81(27)   The following is added after section 154.4 as part of Part XIV:

Submission of question of law

154.5(1)   Where, in the course of the administration of this Act or the exercise of any powers conferred upon the commission by this Act, any question of law arises which, in the opinion of the commission, ought to be determined by a court, the commission may apply by notice of motion to a judge of the Court of King's Bench to have the question determined.

Service on persons concerned

154.5(2)   The notice must be served on all parties concerned in the matter in which the question to be determined has arisen.

Service on other persons interested

154.5(3)   A judge may, on the judge's motion or on the application of the commission or any other person or company, direct that the notice be also served on any other person or company appearing to have an interest in the question to be determined.

Effect of court's decision

154.5(4)   The determination of any question of law under this section is binding upon the commission and all other parties in the matter in which the question arose and must not, in that matter, be made the subject of an appeal under section 53 of The Manitoba Financial Services Authority Act.

81(28)   Subsection 164(2) is replaced with the following:

Exception

164(2)   The commission must not delegate the power to conduct a hearing or any power, function or duty of the commission or the Director that is or is intended to be performed or exercised by the commission or the Director under this Part or Part I.1, or under section 31.5 or 149.1.

81(29)   Subsection 165(1) is amended

(a) in the part before clause (a) of the English version, by striking out "director" and substituting "Director"; and

(b) in clause (a), by striking out "subsection 3(4) or 4(1)" and substituting "subsection 5.1(3) of this Act or subsection 17(1) of The Manitoba Financial Services Authority Act".

81(30)   Subsection 172(2) is amended by striking out "section 30" and substituting "section 53 of The Manitoba Financial Services Authority Act".

81(31)   Subsection 173(2) is amended, in the part after clause (b), by striking out "section 30" and substituting "section 53 of The Manitoba Financial Services Authority Act".

THE SECURITIES TRANSFER ACT

C.C.S.M. c. S60 amended

82   Subsection 1(1) of The Securities Transfer Act is amended in clause (b) of the definition "clearing agency" by striking out "Manitoba Securities Commission" and substituting "Manitoba Financial Services Authority".

PART 13
C.C.S.M. REFERENCE AND COMING INTO FORCE

C.C.S.M. reference

83   This Act may be cited as The Manitoba Financial Services Authority Act and referred to as chapter F57 of the Continuing Consolidation of the Statutes of Manitoba.

Coming into force

84   This Act comes into force on a day to be fixed by proclamation.