The Manitoba Securities Commission conducts enforcement actions to protect the public and facilitate confidence in markets. Enforcement actions are conducted in cases where an investigation has found evidence of a possible violation of law or where activities appear to pose a risk to the public
All complaints are thoroughly reviewed to determine if an investigation is warranted.
If it is determined an investigation is warranted, the matter will be assigned to an investigator. The investigator will contact the complainant to obtain further information or request further action by the complainant. Staff will also conduct interviews of relevant parties and gather available evidence.
In some cases, a decision will be made not to investigate a complaint. A complaint may also be referred to another police or regulatory agency.
At the conclusion of an investigation, it will be reviewed by the legal department to determine the next steps.
Those next steps will include one of the following:
• Conclude the matter with no action
• Issue a warning letter or reprimand
• Issue allegations and hold a hearing
• Lay charges in Provincial Court
When deciding on the path a matter will take, investigation and enforcement staff will take into consideration various factors that will include the following:
• the public interest
• the seriousness of the allegations
• the strength of the evidence
• type of misconduct
• prior history
• staff resources