Notice 2003-15
Registration Matters
The Securities Act
The Commodity Futures Act
The National Registration Database (NRD) becomes operational on March 31, 2003. This notice is to update registrants on registration matters that are not in the NRD rule or in the NRD Filer Manual.
Criminal records checks
Every individual applying for registration must agree to submit to a criminal records check through the Securities Fraud Information Centre. Registration will not be granted until the criminal records check is reviewed by commission staff.
The Royal Canadian Mounted Police (RCMP) have advised that a signed paper authorization is required before a criminal records check can be conducted. This RCMP requirement means that a resident of Manitoba who is applying for registration must continue to submit a consent form to the commission (in paper) outside NRD. The form is posted in the registration section of the commission's internet site www.msc.gov.mb.ca.
Photographs
An individual applying for registration with the commission using NRD (form 33-109F4) will no longer be required to submit a photograph to the commission with the application.
As NRD does not record photographs, social insurance numbers, fingerprints or other items that can independently verify the identify of an individual, the commission is requiring each sponsoring firm to maintain in its records a photograph of each individual registrant who resides in Manitoba. As the commission will retain photographs of individuals currently registered, this requirement applies only to new applicants. This requirement does not apply to individuals resident outside of Manitoba.
A sponsoring firm will be required to maintain these photographs as part of the firm's records and produce to the commission any and all photographs requested by commission staff.
It is the position of commission staff that a sponsoring firm must retain photographs for each individual registrant who is resident in Manitoba in order to comply with the record keeping requirements set out in section 6.1 of National Instrument 33-109.
Registration fees
The fee regulation to each of the acts have been amended effective March 31, 2003. These amendments are intended to:
- ensure registration submissions that result in the payment of a fee under each statute are consistent with registration submissions that can be filed through NRD
- repeal fees for registration categories no longer in use
- standardize registration fees for similar categories of registration under each statute
- include a fee for registration as a local under The Commodity Futures Act.
The amendments include both fee increases and fee decreases. Based on the number of individuals and firms presently registered, the commission anticipates that the amendments will be revenue neutral to the commission.
The automatic fee calculation function of NRD has incorporated the amended fee schedule.
A copy of the amendments to each of the fee regulations is attached.
The Manitoba Securities Commission
March 27, 2003