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The Securities Amendment Act

Full Title:
The Securities Amendment Act

The Securities Act is amended as follows. New investor protection measures are added, including prohibitions on certain representations, false statements and unfair practices while engaged in promotional activities. Aiding, abetting and counselling someone to contravene securities law is also prohibited. The Manitoba Securities Commission is given the authority to regulate benchmarks that are used for reference in determining the value of or amounts due under contracts, securities and other financial instruments. The commission is given the authority to designate a dispute resolution service for the investment industry. The designated dispute resolution service may make binding decisions when resolving a dispute. Under amendments to civil liability provisions, a person that consents to provide information in an offering memorandum or other prescribed disclosure document is subject to the same liability as if they had provided the information in a prospectus. Amendments to certain defences shift the burden of proof from the plaintiff to the defendant. An investor is permitted to apply to the commission for a compensation order despite having commenced a civil action for damages to recover the same financial loss.