3rd Session, 43rd Legislature

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Bill 46

THE SECURITIES AMENDMENT ACT

(Assented to                                         )

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

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

1   The Securities Act is amended by this Act.

2   Subsection 1(1) is amended by adding the following definitions:

"benchmark" means a price, estimate, rate, index or value that is

(a) determined from time to time by reference to an assessment of an underlying interest,

(b) made available to the public, either free of charge or on payment, and

(c) used for reference for any purpose, including

(i) determining the interest payable or other sums that are due under a contract, derivative, instrument or security,

(ii) determining the value of a contract, derivative, instrument or security or the price at which it may be traded,

(iii) measuring the performance of a contract, derivative, investment fund, instrument or security, or

(iv) any other use by an investment fund; (« indice de référence »)

"benchmark administrator" means a person or company that administers a benchmark; (« administrateur d'indice de référence »)

"benchmark contributor" means a person or company that provides information for use by a benchmark administrator for the purpose of determining a benchmark, including a person or company that is subject to an order under section 202.2; (« contributeur à un indice de référence »)

"benchmark user" means a person or company that, in relation to a contract, derivative, investment fund, instrument or security, uses a benchmark; (« utilisateur d'indice de référence »)

"designated benchmark" means a benchmark that is designated by the commission under section 202.1; (« indice de référence désigné »)

"designated benchmark administrator" means a benchmark administrator that is designated by the commission under section 202.1 in respect of a designated benchmark; (« administrateur d'indice de référence désigné »)

"designated dispute resolution service" means a dispute resolution service that is designated by the commission under section 202.6; (« service de résolution des différends désigné »)

"designated dispute resolution service order" means an order made by a designated dispute resolution service under section 202.9; (« ordonnance rendue par un service de résolution des différends désigné »)

"dispute resolution service" means a person or company that provides independent and impartial dispute resolution services; (« service de résolution des différends »)

"promotional activity" means any activity, including any oral or written communication, that by itself or together with one or more other activities encourages or reasonably could be expected to encourage a person to trade or not trade in a security or derivative, but does not include an activity that the regulations specify is not a promotional activity; (« activité de promotion »)

3   Section 69 is replaced with the following:

Representations prohibited

69(1)   A person or company must not do any of the following:

(a) represent, orally or in writing, that the person or company or another person or company will

(i) resell or repurchase a security,

(ii) refund all or any of the purchase price of a security,

(iii) refund any amount paid in respect of a derivative, or

(iv) assume all or part of an obligation under a derivative;

(b) while engaged in a promotional activity, represent the future value or price of a security or derivative;

(c) while engaged in a promotional activity, without obtaining the prior written permission of the Director, represent the following:

(i) that a security will be listed, posted or quoted on an exchange or alternative trading system,

(ii) that an application has been or will be made to list, post or quote a security on an exchange or alternative trading system,

(iii) that a derivative will be listed, posted or quoted on an exchange or alternative trading system,

(iv) that an application has been or will be made to list, post or quote a derivative on an exchange or alternative trading system.

Exceptions

69(2)   Clause (1)(a) does not apply to a representation

(a) in respect of a security that carries an obligation of the issuer to redeem or purchase, or a right of the owner to require redemption or purchase;

(b) contained in a written agreement if the security in respect of which the agreement is made has an aggregate acquisition cost in excess of a prescribed amount;

(c) in respect of a derivative, if the terms of the derivative provide for a refund of any amount paid in respect of the derivative or provide a right to a party to require a refund; or

(d) in respect of a derivative, if the terms of the derivative provide a right to a party to assume all or part of an obligation under the derivative.

4   Section 74.1 is replaced with the following:

Certain misrepresentations prohibited

74.1   A person or company must not make a statement or provide information that a reasonable investor would consider important in deciding whether to enter into or maintain a trading or advising relationship with the person or company if the statement or information, at the time and in light of the circumstances in which the statement is made or the information is provided,

(a) is false or misleading; or

(b) omits information necessary to make the statement or information not false or misleading.

5   The following is added after section 74.1:

Misrepresentation in promotional activity

74.2   A person or company engaged in a promotional activity must not make a statement or provide information that a reasonable investor would consider important in deciding whether to trade or not trade in a security or derivative if the statement or information, at the time and in light of the circumstances in which the statement is made or the information is provided,

(a) is false or misleading; or

(b) omits information necessary to make the statement or information not false or misleading.

Meaning of "unfair practice"

74.3(1)   In this section, "unfair practice" means

(a) putting unreasonable pressure on a person to trade or not trade in a security or derivative;

(b) taking advantage of a person's inability or incapacity to reasonably protect the person's own interest because of physical or mental infirmity, illiteracy, age or inability to understand the character, nature or language of a trade in a security or derivative or any matter relating to a decision to trade in a security or derivative; or

(c) imposing terms and conditions that make a transaction so adverse or harsh to a person as to be inequitable.

Unfair practice in promotional activity

74.3(2)   A person or company engaged in a promotional activity must not engage in an unfair practice.

6   Subsections 141(6) and (7) are replaced with the following:

When expert not liable for own report

141(6)   No person or company, other than the issuer or selling security holder, is liable under subsection (1) or (2) with respect to any part of the prospectus purporting to be

(a) made on the person's or company's own authority as an expert; or

(b) a copy of, or an extract from, the person's or company's own report, opinion or statement as an expert;

if the person or company proves that the person or company had, after reasonable investigation, reasonable grounds to believe and did believe that there had been no misrepresentation.

When disclosure not made on authority of expert

141(7)   No person or company, other than the issuer or selling security holder, is liable under subsection (1) or (2) with respect to any part of the prospectus not purporting to be

(a) made on the authority of an expert; or

(b) a copy of, or an extract from, a report, opinion or statement of an expert;

if the person or company proves that the person or company had, after reasonable investigation, reasonable grounds to believe and did believe that there had been no misrepresentation.

7(1)   Subsection 141.1(1) is amended

(a) in the section heading, by adding "or other prescribed disclosure document" at the end;

(b) in the part before clause (a), by adding "or other prescribed disclosure document" after "offering memorandum" wherever it occurs;

(c) in clause (a),

(i) in subclause (ii), by striking out "memorandum, and" and substituting "memorandum or other prescribed disclosure document,",

(ii) by adding the following after subclause (ii):

(ii.1) every person or company whose consent to the disclosure of information in the offering memorandum or other prescribed disclosure document has been filed, but only with respect to a report, opinion or statement that has been made by the person or company, and

(iii) in subclause (iii), by adding "or other prescribed disclosure document" after "offering memorandum".

7(2)   Subsection 141.1(3) is amended

(a) in the part before clause (a) of the English version, in subclause (b)(i) and in clause (c), by adding "or other prescribed disclosure document" after "offering memorandum";

(b) in clause (d),

(i) by adding "or other prescribed disclosure document" after "offering memorandum" wherever it occurs, and

(ii) by striking out "or" at the end of paragraph (B) and adding the following as clauses (d.1) and (d.2):

(d.1) if, with respect to any part of the offering memorandum or other prescribed disclosure document purporting to be made on the person's or company's own authority as an expert or purporting to be a copy of, or an extract from, the person's or company's own report, opinion or statement as an expert, but that contains a misrepresentation attributable to a failure to represent fairly the person's or company's report, opinion or statement as an expert, the person or company proves that

(i) the person or company had, after reasonable investigation, reasonable grounds to believe and did believe that the part of the offering memorandum or other prescribed disclosure document fairly represented the person's or company's report, opinion or statement, or

(ii) after becoming aware that the part of the offering memorandum or other prescribed disclosure document did not fairly represent the person's or company's report, opinion or statement, the person or company promptly advised the Director and the issuer that misuse had been made of it and that the person or company would not be responsible for that part;

(d.2) if the person or company proves that, with respect to any part of the offering memorandum or other prescribed disclosure document purporting to be

(i) made on the person's or company's own authority as an expert, or

(ii) a copy of, or an extract from, the person's or company's own report, opinion or statement as an expert,

the person or company had, after reasonable investigation, reasonable grounds to believe and did believe that there had been no misrepresentation; or

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

(e) if the person or company proves that, with respect to any part of the offering memorandum or other prescribed disclosure document not purporting to be

(i) made on the authority of an expert, or

(ii) a copy of, or an extract from, a report, opinion or statement of an expert,

the person or company had, after reasonable investigation, reasonable grounds to believe and did believe that there had been no misrepresentation.

7(3)   Subsection 141.1(5) is amended by adding "or other prescribed disclosure document" after "offering memorandum".

7(4)   Subsection 141.1(10) is amended by adding "or other prescribed disclosure document" after "offering memorandum" wherever it occurs.

8   Subsections 141.1.1(6) and (7) are replaced with the following:

When expert not liable for own report

141.1.1(6)   No person or company, other than the offeror, is liable under subsection (1), (2) or (3) with respect to any part of the circular or notice of change or variation purporting to be

(a) made on the person's or company's own authority as an expert; or

(b) a copy of, or an extract from, the person's or company's own report, opinion or statement as an expert;

if the person or company proves that the person or company had, after reasonable investigation, reasonable grounds to believe and did believe that there had been no misrepresentation.

When disclosure not made on authority of expert

141.1.1(7)   No person or company, other than the offeror, is liable under subsection (1), (2) or (3) with respect to any part of the circular or notice of change or variation not purporting to be

(a) made on the authority of an expert; or

(b) a copy of, or an extract from, a report, opinion or statement of an expert;

if the person or company proves that the person or company had, after reasonable investigation, reasonable grounds to believe and did believe that there had been no misrepresentation.

9   Section 141.2 is amended

(a) in clause (a), by striking out "or other prescribed document"; and

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

(c) a purchaser of a security to whom an offering memorandum or other prescribed disclosure document was required to be sent in compliance with the regulations, but was not so sent;

10   Subsection 141.3(1) is amended by adding "or other prescribed disclosure document" after "offering memorandum" in the section heading and in the subsection.

11(1)   Subsection 148.2(7) is repealed.

11(2)   The following is added after subsection 148.2(8):

Civil proceedings stayed

148.2(8.1)   Once the commission opens a hearing in which a claim for compensation for financial loss is one of the matters before it, any civil court proceeding commenced by the claimant for compensation in respect of the same loss is stayed until the commission decides whether or not to order compensation for financial loss.

11(3)   Subsection 148.2(9) is replaced with the following:

Claimant may commence civil proceeding after hearing commenced

148.2(9)   If the commission opens a hearing referred to in subsection (8.1), the claimant is entitled to commence a civil court proceeding for compensation in respect of the same loss only for the purpose of preserving a limitation period and, if so commenced, the civil court proceeding is stayed until the commission decides whether or not to order compensation for financial loss.

11(4)   Subsection 148.2(10) is amended by striking out "Despite subsection (9), a claimant" and substituting "A claimant".

11(5)   The following is added after subsection 148.2(10):

Meaning of "same loss"

148.2(11)   For the purpose of this section, a reference to the "same loss" includes any unclaimed loss arising out of the same transaction.

12   Section 149 is amended

(a) by repealing clause (f.5);

(b) by adding the following after clause (k):

(k.1) prescribing disclosure documents for the purposes of sections 141.1, 141.2 and 141.3;

(c) by adding the following after clause (m.1):

(m.2) prescribing requirements or restrictions for persons or companies engaged in promotional activities, including different requirements or restrictions for different classes of persons or companies engaged in promotional activities;

(m.3) prescribing prohibitions for persons or companies engaged in promotional activities, including different prohibitions for different classes of persons or companies engaged in promotional activities;

(m.4) specifying activities that are not promotional activities for the purpose of the definition "promotional activity" in subsection 1(1);

(m.5) prescribing a minimum aggregate acquisition cost for the purpose of clause 69(2)(b);

(d) by adding the following after clause (jj):

(jj.1) governing benchmarks, benchmark administrators, benchmark contributors and benchmark users, including

(i) prescribing a category or categories of designated benchmarks for the purposes of subsection 202.1(4),

(ii) prescribing classes of service providers or security holders for the purposes of subsection 202.3(3),

(iii) prescribing requirements relating to the designation of benchmarks or benchmark administrators, or classes of benchmarks or benchmark administrators, under section 202.1,

(iv) prescribing requirements relating to the making of orders under section 202.2,

(v) prescribing requirements relating to the disclosure or furnishing of information to the commission, the public or any person or company by benchmark administrators, benchmark contributors or benchmark users, including requirements for disclosure statements by benchmark administrators in relation to benchmarks,

(vi) prescribing requirements relating to the quality, integrity and sufficiency of the data and the methodology used by benchmark administrators to determine benchmarks, including requirements for benchmark administrators to monitor benchmark contributors and data provided by benchmark contributors,

(vii) prescribing requirements relating to the establishment, publication and enforcement by benchmark administrators of codes of conduct applicable to benchmark administrators or benchmark contributors and each of their respective directors, officers and employees, and any of their service providers or security holders that are in a class prescribed under subclause (ii), and the minimum requirements to be included in the codes of conduct,

(viii) prescribing requirements relating to contractual arrangements in respect of benchmarks to be entered into by benchmark administrators or benchmark contributors, and the minimum requirements to be included in the contractual arrangements,

(ix) prescribing requirements relating to the use by benchmark administrators and benchmark contributors of service providers,

(x) prescribing prohibitions relating to conflicts of interest and requirements and procedures to address conflicts of interest involving benchmarks, benchmark administrators or benchmark contributors and each of their respective directors, officers and employees and any of their service providers or security holders that are in a class prescribed under subclause (ii), including

(A) procedures to be followed to avoid conflicts of interest,

(B) procedures to be followed if conflicts of interest arise,

(C) requirements for the separation of roles, functions and activities, and

(D) restrictions on the ownership of benchmarks or benchmark administrators,

(xi) prescribing prohibitions against the uses of benchmarks that are not designated benchmarks,

(xii) prescribing disclosure and other requirements in respect of the use of benchmarks by benchmark administrators, benchmark contributors or benchmark users,

(xiii) prescribing requirements relating to the provision of information in relation to benchmarks for use by benchmark administrators,

(xiv) prescribing requirements relating to the maintenance of books and records necessary for the conduct of the business of benchmark administrators and the establishment and maintenance of benchmarks,

(xv) prescribing requirements relating to the maintenance of books and records by benchmark contributors relating to benchmarks,

(xvi) prescribing requirements relating to the appointment by benchmark administrators and benchmark contributors of one or more compliance officers and any minimum standards that must be met or qualifications that compliance officers must have,

(xvii) prescribing requirements relating to the prohibition or restriction of any matter or conduct involving benchmarks by benchmark administrators and benchmark contributors and their respective directors, officers and employees, and any of their service providers or security holders that are in a class prescribed under subclause (ii),

(xviii) prescribing requirements relating to the design, determination and dissemination of benchmarks,

(xix) prescribing requirements relating to plans of benchmark users when a benchmark changes or ceases to be provided and how the plans are to be reflected in the contractual arrangements of benchmark users,

(xx) prescribing requirements relating to the governance, compliance, accountability, oversight, audit, internal controls, policies and procedures of benchmark administrators or benchmark contributors in respect of benchmarks,

(xxi) prescribing requirements relating to the governance, compliance, accountability, oversight, audit, internal controls, policies and procedures of benchmark administrators, benchmark contributors or benchmark users in respect of the use of benchmarks,

(xxii) governing the submission of information for the purposes of determining benchmarks,

(xxiii) requiring benchmark administrators or benchmark contributors to

(A) establish plans in the event that benchmarks change or cease to be provided or are subject to data failures or business continuity issues, and

(B) reflect the plans referred to in paragraph (A) in the contractual arrangements of benchmark administrators or benchmark contributors relating to benchmarks, and

(xxiv) governing or restricting the payment of fees or other compensation to benchmark administrators or benchmark contributors;

(jj.2) governing dispute resolution services, including

(i) respecting the designation of a dispute resolution service,

(ii) prescribing requirements in respect of registrants' membership in a designated dispute resolution service,

(iii) prescribing requirements in respect of the review or approval by the commission of any by-law, rule, policy, standard, process or procedure of a designated dispute resolution service,

(iv) respecting the manner in which a designated dispute resolution service conducts dispute resolution processes, including requirements, restrictions or prohibitions for parties to dispute resolution processes,

(v) respecting the conduct of investigations by a designated dispute resolution service, including the examination of documents and records of registrants and other persons or companies for the purpose of dispute resolution processes,

(vi) respecting the addition of parties to or expansion of the scope of existing investigations and dispute resolution processes by a designated dispute resolution service,

(vii) prescribing requirements for registrants to disclose information related to a designated dispute resolution service or dispute resolution processes,

(viii) respecting compensation for the purpose of subsection 202.9(2),

(ix) respecting compliance with and enforcement of orders of a designated dispute resolution service under section 202.9,

(x) prescribing requirements in respect of the books and records to be maintained by a designated dispute resolution service, and

(xi) prescribing restrictions on the ownership, control and direction of a designated dispute resolution service;

13   The following is added as section 154.6 as part of Part XIV:

Aiding, abetting and counselling contraventions

154.6   A person or company must not do or omit to do anything that the person or company knows or reasonably ought to know aids, abets or counsels any other person or company to contravene this Act, the regulations or a decision of the commission or the Director.

14   Section 162 is amended

(a) by replacing the section heading with "Clause 69(1)(b) does not apply"; and

(b) by striking out "Subsection 69(2)" and substituting "Clause 69(1)(b)".

15   The following is added as Part XIX.1:

PART XIX.1
BENCHMARKS

Application for designation

202.1(1)   A benchmark administrator or the Director may apply to the commission to request the designation of a benchmark, benchmark administrator, class of benchmarks or class of benchmark administrators.

Commission's powers

202.1(2)   After receiving the application, the commission may, if the commission considers it in the public interest, designate the benchmark as a designated benchmark, the benchmark administrator as a designated benchmark administrator, the class of benchmarks as a class of designated benchmarks or the class of benchmark administrators as a class of designated benchmark administrators.

Terms and conditions

202.1(3)   A designation under subsection (2) is subject to any terms and conditions the commission considers appropriate.

Category

202.1(4)   The commission may, if the commission considers it in the public interest, assign a designated benchmark or a class of designated benchmarks to a category or categories of designated benchmarks prescribed by the regulations.

Cancellation or change

202.1(5)   The commission may, if the commission considers it in the public interest, cancel the designation under subsection (2) or change the terms and conditions of the designation.

Right to hearing

202.1(6)   The commission must not do any of the following without giving the affected benchmark administrator an opportunity to be heard:

(a) refuse to make a designation;

(b) make a designation on the application of the Director;

(c) impose terms and conditions on a designation or change the terms and conditions of a designation;

(d) cancel a designation.

Order to provide information

202.2(1)   In response to an application by the Director, the commission may, if the commission considers it in the public interest, order a person or company to provide information to a designated benchmark administrator in relation to the designated benchmark.

Right to hearing

202.2(2)   The commission must give the affected person or company and benchmark administrator an opportunity to be heard before making the order.

Terms and conditions

202.2(3)   An order under subsection (1) is subject to any terms and conditions the commission considers appropriate.

Cancellation or change

202.2(4)   After giving the affected person or company and benchmark administrator an opportunity to be heard, the commission may, if the commission considers it in the public interest,

(a) cancel or vary the order; or

(b) change the terms and conditions of the order.

Duty to comply — benchmark administrator

202.3(1)   A benchmark administrator must comply with the requirements prescribed by the regulations, including requirements relating to

(a) benchmarks, benchmark administrators, benchmark contributors and benchmark users; and

(b) the establishment, publication and enforcement of a code of conduct by a benchmark administrator.

Duty to comply — benchmark contributor

202.3(2)   A benchmark contributor must comply with the requirements prescribed by the regulations, including requirements relating to benchmarks, benchmark administrators, benchmark contributors and benchmark users.

Duty to comply — generally

202.3(3)   A benchmark administrator and benchmark contributor and each of their respective directors, officers and employees and any of their service providers or security holders that are in a class prescribed by the regulations must comply with

(a) any code of conduct established by the benchmark administrator in accordance with the regulations;

(b) requirements established by the regulations relating to prohibitions against and procedures to address conflicts of interest involving a benchmark, benchmark administrator and benchmark contributor and each of their respective directors, officers and employees and any of their service providers or security holders that are in a class prescribed by the regulations; and

(c) requirements prescribed by the regulations relating to the prohibition or restriction of any matter or conduct involving a benchmark.

Duty to comply — benchmark user

202.3(4)   A benchmark user must comply with the requirements prescribed by the regulations, including requirements

(a) relating to a benchmark, benchmark administrator, benchmark contributor and benchmark user;

(b) prohibiting the use of a non-designated benchmark; and

(c) relating to disclosure and other requirements in respect of the use of a benchmark.

Benchmark — false or misleading information

202.4   A person or company must not, directly or indirectly, provide or attempt to provide information to another person or company for the purpose of determining a benchmark if the person or company knows or reasonably ought to know that the information, at the time and in light of the circumstances in which the information is provided, is false or misleading.

Benchmark manipulation

202.5   A person or company must not, directly or indirectly, engage or attempt to engage in conduct relating to a benchmark that improperly influences the determination of the benchmark or produces or contributes to the production of a false or misleading determination of the benchmark.

16   The following is added as Part XIX.2:

PART XIX.2
DISPUTE RESOLUTION SERVICE

Application for designation

202.6(1)   The Director may apply to the commission to request the designation of a dispute resolution service for the purpose of resolving complaints between registrants and their clients.

Commission's powers

202.6(2)   After receiving the application, the commission may, if the commission considers it in the public interest, designate the dispute resolution service as a designated dispute resolution service.

Right to hearing

202.6(3)   The commission must give the affected dispute resolution service an opportunity to be heard before making a decision under subsection (2).

Terms and conditions

202.6(4)   A designation under subsection (2) is subject to any terms and conditions the commission considers appropriate.

Cancellation or change

202.6(5)   After giving the affected designated dispute resolution service an opportunity to be heard, the commission may, if the commission considers it in the public interest,

(a) cancel the designation; or

(b) change the terms and conditions of the designation.

Duties of designated dispute resolution service

202.7(1)   Subject to this Act, the regulations, the commission's decisions and the Director's decisions, a designated dispute resolution service must provide a fair and efficient dispute resolution process to the parties to each complaint that is referred to it.

Designated dispute resolution service may adopt rules, etc.

202.7(2)   For the purpose of performing its duties under subsection (1), the designated dispute resolution service may adopt by-laws, rules, policies, standards, processes and procedures, including in respect of the manner in which complaints are resolved.

Parties added to complaint

202.7(3)   A designated dispute resolution service may add one or more parties to an existing complaint if the designated dispute resolution service considers that the addition of one or more parties is appropriate and fair in the circumstances.

Arbitration Act does not apply

202.8   The Arbitration Act does not apply to a dispute resolution process conducted by a designated dispute resolution service under this Part.

Designated dispute resolution service orders

202.9(1)   If a designated dispute resolution service considers that it would be fair in the circumstances of the complaint, the designated dispute resolution service may order a registrant to do the following:

(a) review, rectify, mitigate or change the conduct that is the subject of the complaint or its consequences;

(b) provide reasons or explanations for the conduct that is the subject of the complaint;

(c) change a practice relating to the conduct that is the subject of the complaint;

(d) apply to correct information provided to federal and provincial tax authorities by the registrant;

(e) apply to correct a credit rating of a party to the complaint;

(f) forgive or vary a debt;

(g) release assets, including securities, being held for a debt;

(h) repay, waive or vary a fee or other amount paid to or owing to the registrant or to its representative or agent, including by varying the applicable interest rate on a loan;

(i) reinstate, vary, rectify or set aside a contract;

(j) meet a claim under an insurance policy, including by repairing, reinstating or replacing an item of property;

(k) in the case of a complaint involving a privacy concern, not repeat conduct on the basis that it constitutes an interference with the privacy of an individual or correct, add to or delete information pertaining to the complainant;

(l) refrain from enforcing a default judgment.

Compensation orders

202.9(2)   In addition to any order made under subsection (1), a designated dispute resolution service may, subject to the regulations, order that a registrant compensate a complainant with respect to a matter that is the subject of the complaint.

Orders binding

202.10   The parties to a complaint must, in accordance with the regulations, comply with an order of the designated dispute resolution service under section 202.9.

Registering order in Court of King's Bench

202.11   An order under section 202.9 may be registered by the designated dispute resolution service or the complainant in the Court of King's Bench and, once registered, may be enforced as if it were a judgment of the court.

No review by commission

202.12   A designated dispute resolution service order is final and not subject to review by the commission.

Commission's powers

202.13(1)   If the commission considers it in the public interest, the commission may make a decision in respect of

(a) a by-law, rule or policy of a designated dispute resolution service;

(b) the standards, processes and procedures of a designated dispute resolution service; or

(c) the manner in which a designated dispute resolution service carries on business.

Conflict with securities law

202.13(2)   A by-law, rule, policy, standard, process or procedure of a designated dispute resolution service must not conflict with this Act or the regulations, but the designated dispute resolution service may impose additional requirements within its jurisdiction.

Immunity for designated dispute resolution service

202.14   No action or proceeding may be brought against a designated dispute resolution service or its employees, agents or directors for anything done or not done, or for any neglect, in the performance or exercise, or the intended performance or exercise, in good faith, of a power, duty or function under this Part and the regulations.

Coming into force

17   This Act comes into force on the day it receives royal assent.