Securities

The securities division of The Manitoba Securities Commission protects investors and promotes fair and efficient capital markets throughout the province by conducting operations including registrations, processing of applications and prospectuses, preparing matters for the referral to the Commissioners and conducting investigations, prosecutions and other hearings.

The Oversight area is responsible for the oversight and regulation of various market entities involved in the operation of both securities and derivatives markets in Manitoba.

SROs and Investor Protection Funds

Self-regulatory organizations (SROs) represent their members and regulate the operations, standards of practice, and business conduct of their members. The Securities Act (Manitoba) and The Commodity Futures Act (Manitoba) give the MSC the power to recognize SROs. The Self-Regulatory organization recognized in Manitoba is the Canadian Investment Regulatory Organization (CIRO). CIRO regulates mutual fund dealers and investment dealers, and acts as the regulation services provider for marketplaces that have retained it as such.

The recognition order and other documents related to the MSC’s oversight role can be found at the following links:

Other Documents

Effective January 1, 2023, Canada’s provincial and territorial securities regulators recognized the New Self-Regulatory Organization of Canada (New SRO) and approved or accepted the Canadian Investor Protection Fund (CIPF). On June 1, 2023 the legal name of New SRO was changed to Canadian Investment Regulatory Organization (CIRO).

CIRO is carrying on the functions of the Investment Industry Regulatory Organization of Canada and the Mutual Fund Dealers Association of Canada. CIRO regulates mutual fund dealers and investment dealers, and acts as the regulation services provider for marketplaces that have retained it as such, including monitoring trading on those marketplaces for compliance with applicable rules and securities legislation.

CIPF combines the former Canadian Investor Protection Fund and the MFDA Investor Protection Corporation into a new entity that is independent of CIRO. CIPF provides compensation to eligible customers of CIRO member firms in the event of a firm’s insolvency. It does not cover losses resulting from the changing market value of securities, unsuitable investments, or the default by an issuer of securities.

The Canadian Investor Protection Fund (CIPF) combines the former Canadian Investor Protection Fund and the MFDA Investor Protection Corporation into a new entity that is independent of CIRO. CIPF provides compensation for property held by a member firm on behalf of an eligible client, if the member firm becomes insolvent. CIPF member firms are members of CIRO that are investment dealers and/or mutual fund dealers that are not located exclusively in Quebec. It does not cover losses resulting from the changing market value of securities, unsuitable investments, or the default by an issuer of securities.

The approval order and other documents related to the MSC’s oversight role can be found at the following links:

• Canadian Investor Protection Fund Approval Order No.7602 – January 1, 2023
•http://hykaz.net/wp-content/uploads/mou-cipf-–-january-1-2023.pdf

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