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C.C.S.M. c. S50
The Securities Act
Table of Contents
| PART XIV GENERAL PROVISIONS |
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| 139 | Exchanges | |
| (2) | Powers re exchanges | |
| 140 | Records in exchanges | |
| 140.1 | Meaning of "misrepresentation" in certain sections | |
| 141 | Statutory rights — damages re misrepresentation in prospectus | |
| (2) | Statutory rights — rescission re misrepresentation in prospectus | |
| (3) | No action for damages if recission | |
| (4) | Defence when securities purchased with knowledge | |
| (5) | Other defences | |
| (6) | When expert not liable for own report | |
| (7) | When others not liable for expert's report | |
| (8) | Limit on amount recoverable | |
| (9) | Limit on amount recoverable from underwriter | |
| (10) | Limit on particular defendant's liability | |
| (11) | Joint and severable liability | |
| (12) | Rights when no receipt issued for prospectus | |
| (13) | Defendant may recover contribution | |
| (14) | Rights are in addition to other rights | |
| (15) | Deemed misrepresentation | |
| 141.1 | Statutory rights — offering memorandum | |
| (2) | No action for damages if recission | |
| (3) | Defences | |
| (4) | Exception | |
| (5) | Limit on amount recoverable | |
| (6) | Damages not recoverable | |
| (7) | Joint and severable liability | |
| (8) | Defendant may recover contribution | |
| (9) | Rights are in addition to other rights | |
| (10) | Deemed misrepresentation | |
| 141.1.1 | Statutory rights — misrepresentation in take-over bid circular or notice of change or variation | |
| (2) | Statutory rights — misrepresentation in directors' circular | |
| (3) | Application to issuer bid circulars | |
| (4) | Defence when security holder has knowledge | |
| (5) | Other defences | |
| (6) | When expert not liable for own report | |
| (7) | When others not liable for expert's report | |
| (8) | Limit on particular defendant's liability | |
| (9) | Joint and several liability | |
| (10) | Defendant may recover contribution | |
| (11) | Rights are in addition to other rights | |
| (12) | Deemed misrepresentation | |
| 141.1.2 | Defence to liability for misrepresentation | |
| 141.2 | Statutory rights — failing to send required document | |
| 141.3 | Rescission re offering memorandum | |
| (2) | Additional ways of rescinding mutual fund purchase | |
| (3) | Limit on amount recoverable | |
| (4) | Recission re payments to be made | |
| (5) | Dealer to reimburse purchaser for sales charges and fees | |
| 141.4 | Limitation period re prospectus misrepresentation | |
| (2) | Limitation period re other rights of action | |
| 142 | Protection from liability | |
| (1.1) | Other persons protected | |
| (2) | Liability if complying with Act | |
| (3) | Evidence in civil suits | |
| 143 | Records of commission | |
| (2) | Copies of public documents | |
| 143.1 | Publishing list of defaulting reporting issuers | |
| 144 | Service of notices | |
| (2) | Time of service by registered mail | |
| (3) | Time of service by certified mail | |
| 145 | Use of government services | |
| (2) | Commission exempt from certain fees | |
| 146 | Orders coming into force in future | |
| (2) | Interim order | |
| 147 | Only substantial compliance required | |
| 147.1 | Late filing of periodic disclosure | |
| (2) | Notice of order | |
| 148 | Order suspending trading | |
| (2) | Temporary order | |
| (3) | Extension of temporary order | |
| (4) | Notice of intention re order or hearing | |
| 148.1 | Administrative penalties | |
| (1.1) | Administrative penalties against others | |
| (2) | Administrative penalties are in addition to other sanctions | |
| 148.2 | Compensation for financial losses | |
| (2) | Director's decision not reviewable | |
| (3) | Order by commission | |
| (4) | Compensation orders against employers and others | |
| (5) | Meaning of "employment" | |
| (6) | Compensation order is in addition to other sanctions | |
| (7) | Court proceedings take precedence | |
| (8) | Claimant to inform commission about action | |
| (9) | No right of action after hearing begins | |
| (10) | Enforcement of order | |
| 148.3 | Orders respecting directors and officers | |
| (2) | Order may be subject to conditions | |
| 148.4 | Inter-jurisdictional enforcement | |
| (2) | Order may be subject to conditions | |
| (3) | Certain extra-provincial orders to take effect automatically in Manitoba | |
| (4) | Certain extra-provincial agreements to take effect automatically in Manitoba | |
| (5) | Exemptions from subsections (3) and (4) | |
| (6) | Application of subsections (3) and (4) if order or agreement varied or amended | |
| (7) | Order respecting automatic recognition | |
| (8) | Compliance requirement | |
| 149 | Regulations | |
| 149.1 | Commission may make rules | |
| (2) | Regulation prevails | |
| (3) | L.G. in C. may amend or repeal rule | |
| (4) | Force and effect of rule | |
| (5) | Statutes and Regulations Act does not apply | |
| 149.2 | Publication of rules | |
| (2) | Effect of publication | |
| (3) | Effect of non-publication | |
| (4) | Proof of rule | |
| (5) | Proof of date of publication | |
| 149.3 | Evidence Act | |
| (2) | Application of regulations and rules | |
| (3) | Incorporation by reference | |
| 149.4 | Exemption from a regulation or rule | |
| 149.5 | Policy statements | |
| (2) | Statements not rules or regulations | |
| 150 | Evidence of certified statements | |
| 151 | Warrant issued in another province | |
| (2) | Prisoner in transit | |
| 152 | Order for compliance | |
| (2) | [Repealed] | |
| (3) | Application without notice | |
| (4) | Extension of interim order | |
| (5) | Enforcement of order | |
| (6) | Rules of court to apply | |
| 152.1 | Registering commission order in Court of Queen's Bench | |
| 153 | Forfeiture or cancellation of bond | |
| (2) | Cancellation of bond | |
| (3) | Continuation of bond | |
| (4) | Collateral securing bond | |
| (5) | Proceedings by Crown | |
| (6) | Disposition of proceeds of bond | |
| (7) | Remission of bond | |
| 154 | Costs | |
| (2) | Order for payment of costs | |
| 154.2 | Standards of care for investment fund managers | |
| (2) | Standards of care for investment portfolio managers | |
| (3) | Standards of care for other registrants | |
| 154.3 | Oversight of an investment fund | |
| (2) | Powers and duties of overseeing body | |
| 154.4 | Filing advertising | |
| (2) | Copies must be filed at least seven days before use | |
| (3) | Director may prohibit use or require changes | |
| PART XV | ||
| 155 to 157 | [Repealed] | |
| PART XVI | ||
| INVESTMENT CONTRACTS | ||
| 158 | Definition | |
| 159 | Limitation on issue | |
| 160 | Requirement for registration | |
| 161 | [Repealed] | |
| 162 | Application of 69(2) | |
| PART XVII | ||
| INTERJURISDICTIONAL COMPLIANCE | ||
| 163 | Definitions | |
| (2) | Extra-provincial securities commission includes delegate | |
| 164 | Delegation and acceptance of authority | |
| (2) | Exception | |
| 165 | Commission may subdelegate | |
| (2) | Subdelegation of Manitoba authority | |
| 166 | Extra-provincial securities laws may be adopted or incorporated | |
| (2) | Amendment may be adopted or incorporated | |
| 167 | Exemption orders | |
| 168 | Exercise of discretion, interprovincial reliance | |
| (2) | Hearing not required | |
| 169 | Regulations | |
| 170 | Definitions | |
| (2) | Immunity re Manitoba authority | |
| (3) | Application re immunity | |
| 171 | Definitions | |
| (2) | Immunity re extra-provincial authority | |
| (3) | Application of immunity | |
| 172 | Definitions | |
| (2) | Appeal re extra-provincial decision | |
| (3) | Extra-provincial securities commission is respondent | |
| 173 | Definition | |
| (2) | Appeal re decision of the commission | |
| (3) | Right to appeal in Manitoba | |
| PART XVIII | ||
| CIVIL LIABILITY FOR SECONDARY MARKET DISCLOSURE |
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| INTERPRETATION AND APPLICATION | ||
| 174 | Definitions | |
| 175 | Application | |
| LIABILITY | ||
| 176 | Documents released by responsible issuer | |
| (2) | Persons and companies who may be liable | |
| (3) | Public oral statements by responsible issuer | |
| (4) | Persons and companies who may be liable | |
| (5) | Influential persons | |
| (6) | Persons and companies who may be liable | |
| (7) | Failure to make timely disclosure | |
| (8) | Persons and companies who may be liable | |
| (9) | Multiple roles | |
| (10) | Multiple misrepresentations | |
| (11) | No implied or actual authority | |
| 177 | Non-core documents and public oral statements | |
| (2) | Exception re experts | |
| 178 | Failure to make timely disclosure | |
| (2) | Exception re responsible issuers and others | |
| 179 | Knowledge of the misrepresentation or material change | |
| 180 | Reasonable investigation | |
| 181 | Factors to be considered by the court | |
| 182 | Confidential disclosure | |
| 183 | Forward-looking information | |
| (2) | Public oral statements | |
| (3) | When a document is deemed to be readily available | |
| (4) | Exception | |
| 184 | Expert report, statement or opinion | |
| (2) | Expert's consent withdrawn | |
| 185 | Release of documents | |
| 186 | Derivative information | |
| 187 | When corrective action taken | |
| DAMAGES | ||
| 188 | Assessment of damages — securities acquired | |
| (2) | Assessment of damages — securities disposed of | |
| (3) | Unrelated changes in market price | |
| 189 | Proportionate liability | |
| (2) | Liability of certain defendants | |
| (3) | Joint and several liability | |
| (4) | Contribution among defendants | |
| 190 | Limits on damages | |
| (2) | When subsection (1) does not apply | |
| PROCEDURAL MATTERS | ||
| 191 | Leave to proceed | |
| (2) | Grounds for granting leave | |
| (3) | Application must be sent to the commission | |
| 192 | News release and other notices | |
| 193 | Restriction on discontinuation, abandonment and settlement of action | |
| 194 | Costs | |
| 195 | Power of the commission | |
| 196 | No derogation from other rights | |
| 197 | Limitation periods | |
| (2) | Period not to run | |
| PART XIX | ||
| CREDIT RATING ORGANIZATIONS | ||
| 198 | Definitions | |
| 199 | Applying for designation | |
| (2) | Designation | |
| (3) | Cancelling a designation or making changes | |
| (4) | Right to hearing | |
| 200 | Duty to comply with prescribed requirements | |
| 201 | Commission not involved in credit rating | |
| 202 | Representations about commission approval | |
| PART XX | ||
| AUDITOR OVERSIGHT BODIES | ||
| 203 | Definition | |
| 204 | Recognizing auditor oversight bodies | |
| (2) | Hearing | |
| 205 | Suspension or cancellation of recognition | |
| 206 | Voluntary surrender of recognition | |
| 207 | Commission's powers | |
| 208 | Auditor oversight body to regulate members and participants | |
| (2) | Limitations on duty to regulate | |
| 209 | Auditor oversight body may adopt rules, standards or policies | |
| 210 | Auditor oversight body may require disclosure | |
| (2) | Auditor oversight body may set time for disclosure | |
| (3) | Restriction on disclosure | |
| (4) | Privilege preserved | |
| 211 | Auditor oversight body and personnel not compellable | |