The Manitoba Securities Commission is a special operating agency of the Government of Manitoba that protects investors and promotes fair and efficient investment business practices throughout the province.
The Manitoba Securities Commission (The MSC) was structured in its present form in 1968. The MSC is divided into two distinct - yet connected branches, the Operational Divisions and the Commission Members. The Operational Divisions are made up of employees of the provincial government who conduct the day-to-day work of The MSC. The Operational Divisions include the Securities Division and the Real Estate Division.
The Securities Division
The Securities Division is responsible for administering The Securities Act and The Commodity Futures Act, which provides protection to investors from unfair, improper or fraudulent practices, and fosters fair and efficient capital markets as well as confidence in these markets.
The Real Estate Division
The Real Estate Division is responsible for administering The Real Estate Brokers Act, which seeks to protect house buyers and sellers. The Real Estate Division also administers The Mortgage Dealers Act, which seeks to protect mortgage investors.
The Operational Divisions administer their respective Acts through seven sections.
Registration - registers firms and individuals that want to trade (sell) or advise in securities or exchange contracts in Manitoba.
Investigations - receives complaints, interviews witnesses and collects documents to determine whether there has been a violation of securities laws or rules.
Legal - provides general legal support to other sections of The MSC, prosecutes cases in court and conducts hearings before The Commission.
Corporate Finance - reviews documents such as a prospectus or rights offering to determine whether they meet the disclosure standards set by securities laws and rules.
Continuous Disclosure - monitors and reviews filings made by public issuers of securities in an effort to ensure compliance with securities legislation.
Compliance - conducts reviews of the operations of dealers, brokers and advisers and identifies areas where improvements can be made to meet the guidelines set for the industry.
Education - develops and offers information to help the public understand investing and market issues so they can make informed decisions and recognize potentially illegal activities.
The Commission Members
The Commission Members are a policy making group made up of a maximum of seven Order in Council appointees who meet regularly to deal with policy formulation and applications seeking exemptive or other special relief. The Commission Members also perform a judicial function in the hearing of disciplinary proceedings.