The Manitoba Financial Services Authority Act and Amendments to Various Other Acts

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2nd Session, 43rd Legislature

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Bill 37

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

TABLE OF CONTENTS


PART 1 INTERPRETATION
1(1)	Definitions
1(2)	Reference to "this Act" includes regulations and rules
1(3)	Interpretation — "decision"
2	Purpose
PART 2 AUTHORITY ESTABLISHED
3	Manitoba Financial Services Authority
4	Corporations Act does not apply
5	Crown agent
6	Mandate
PART 3 BOARD OF DIRECTORS
7	Duty of board
8	Duties of members
9	Composition of board
10	Term of appointment
11	Board expertise
12	Chair and vice-chair
13	Functions of vice-chair
14	Part-time members
15(1)	By-laws
15(2)	Conflict of interest by-law
15(3)	By-law — remuneration of members
15(4)	Lieutenant Governor in Council approval
16	Quorum
DELEGATION BY AUTHORITY
17(1)	Delegation by authority
17(2)	Limits on delegation
17(3)	Delegated powers and duties
17(4)	No subdelegation
17(5)	Exception — approval of certain rule amendments
17(6)	Review of delegated decision
17(7)	Exception — investigation or financial examination orders
PART 4 CHIEF ADMINISTRATIVE OFFICER AND EMPLOYEES
CHIEF ADMINISTRATIVE OFFICER
18	Appointment of chief administrative officer
19	Duties and powers of chief administrative officer
REGULATORS AND DEPUTY REGULATORS
20(1)	Appointment of regulators
20(2)	Appointment of deputy regulators
20(3)	Duties and powers of regulators
20(4)	Duties and powers under a particular financial services Act
20(5)	Regulators are employees
EMPLOYEES
21	Power to engage employees
PART 5 FINANCIAL MANAGEMENT
22(1)	Accounts of authority
22(2)	Funds payable to authority
22(3)	Fines under Part XV of Insurance Act
22(4)	Authority is self-funding
22(5)	Surplus
23(1)	Borrowing authority
23(2)	Advance out of Consolidated Fund
24	Powers respecting real property
25	Power to act as trustee
PART 6 ANNUAL REPORTING
26	Audit
27(1)	Annual business plan
27(2)	Content
27(3)	Approval of business plan
28(1)	Annual report
28(2)	Tabling report in Assembly
PART 7 INVESTIGATIONS
29	"Investigator" defined
30(1)	Investigative powers of authority
30(2)	Failure or refusal to comply
30(3)	Right to be represented
31(1)	Inspection
31(2)	Investigator may make copies
31(3)	Investigator may remove records to make copies
31(4)	Electronic records
32(1)	Warrant to search and seize
32(2)	Application without notice
32(3)	Grounds
32(4)	Power to enter, search and seize
32(5)	Expiration
32(6)	Copying
32(7)	Return
33	Application to financial institutions
PART 8 HEARINGS
HEARING PANELS
34(1)	Panels of the authority
34(2)	Chair on panel
35	Quorum
36	Authority may add panel member
37	Jurisdiction of panel
38	Sittings of panels
39	Joint hearings and consultations
HOW DOES A PANEL HOLD A HEARING?
40(1)	Notice of hearing
40(2)	Hearing in absence of person
40(3)	Conflict
41	Procedure
42	Panel not bound by rules of evidence
43	Right to be represented
44	Adjournment
45(1)	Powers — hearings
45(2)	Failure or refusal to comply
45(3)	Application to financial institutions
46	Record of evidence
47	Evidence outside Manitoba
ARE HEARINGS OPEN TO THE PUBLIC?
48(1)	Hearing open to public
48(2)	Request for an order that a hearing be private
48(3)	When order may be made
DECISIONS
49	Written reasons
50	Notice of decision
51	Hearings under delegated power
PART 9 REVIEWS AND APPEALS
REVIEWS
52(1)	Review of regulator's decision
52(2)	Decisions not subject to appeal or review
52(3)	Power on review
52(4)	Reference by regulator
52(5)	Appeals from certain decisions of superintendent of insurance
52(6)	Non-application — decisions of registrar of credit unions and caisses populaires
APPEALS
53(1)	Appeal to the Court of Appeal
53(2)	Leave to appeal
53(3)	Time for appeal
53(4)	Authority party to appeal
53(5)	Powers of Court of Appeal
53(6)	Authority may make further direction
53(7)	Stay pending appeal
53(8)	Interpretation — "decision"
PART 10 GENERAL PROVISIONS
54	Protection from liability
55	Non-compellability
56	Signing of orders
57	Registering orders of authority in court
58(1)	Orders coming into force in the future
58(2)	Interim orders
59	Authority may enter into certain agreements
60	Use of information by authority
61	Sharing information
62(1)	Use of government services
62(2)	Authority exempt from certain fees
REGULATIONS
63	Regulations
64(1)	Rules for investigations, hearings, reviews and appeals
64(2)	Regulation prevails
64(3)	LG in C may amend or repeal rule
64(4)	Force and effect of rule
64(5)	Statutes and Regulations Act does not apply
65	Publication of rules
66	Incorporation by reference
PART 11 TRANSITIONAL PROVISIONS
67(1)	Definitions
67(2)	Commission dissolved
67(3)	First directors
67(4)	First chair and vice-chair
67(5)	Rights and obligations of Manitoba Financial Services Agency
67(6)	Decisions of commission
67(7)	Decisions of regulators
67(8)	Regulations, rules and policies
67(9)	Registration, etc.
67(10)	Applications and filings
67(11)	Employees of authority
67(12)	Effect of enactment on authority's employees
67(13)	Effect on Civil Service Superannuation Act
67(14)	Transfer from Consolidated Fund
67(15)	Regulations
PART 12 RELATED AND CONSEQUENTIAL AMENDMENTS
THE COMMODITY FUTURES ACT
68(1)	C.C.S.M. c. C152 amended
THE COMMUNITY DEVELOPMENT BONDS ACT
69	C.C.S.M. c. C160 amended
THE COOPERATIVES ACT
70(1)	C.C.S.M. c. C223 amended
THE CORPORATIONS ACT
71(1)	C.C.S.M. c. C225 amended
THE CREDIT UNIONS AND CAISSES POPULAIRES ACT
72(1)	C.C.S.M. c. C301 amended
THE FRANCOPHONE COMMUNITY ENHANCEMENT AND SUPPORT ACT
73	C.C.S.M. c. F157 amended
THE FREEDOM OF INFORMATION AND PROTECTION OF PRIVACY ACT
74	C.C.S.M. c. F175 amended
THE INSURANCE ACT
75(1)	C.C.S.M. c. I40 amended
THE LABOUR-SPONSORED VENTURE CAPITAL CORPORATIONS ACT
76(1)	C.C.S.M. c. L12 amended
THE MORTGAGE BROKERS ACT
77(1)	C.C.S.M. c. M210 amended
THE PERSONAL PROPERTY SECURITY ACT
78	C.C.S.M. c. P35 amended
THE MANITOBA PUBLIC INSURANCE CORPORATION ACT
79	C.C.S.M. c. P215 amended
THE REAL ESTATE SERVICES ACT
80(1)	C.C.S.M. c. R21 amended
ORDER FOR COMPLIANCE
THE SECURITIES ACT
81(1)	C.C.S.M. c. S50 amended
PART I.1 DIRECTOR OF CAPITAL MARKETS
THE SECURITIES TRANSFER ACT
82	C.C.S.M. c. S60 amended
PART 13 C.C.S.M. REFERENCE AND COMING INTO FORCE
83	C.C.S.M. reference
84	Coming into force