MANITOBA SECURITIES COMMISSION NOTICE 2008-11 Notice and Request for Comments Joint Application of CIPF and the IDA A. Application The Canadian Investor Protection Fund (CIPF) and the Investment Dealers Association of Canada (IDA) have applied to each member of the Canadian Securities Administrators (CSA) to amend the Memorandum of Understanding (MOU) between CIPF and the CSA to reflect the realignment of their regulatory roles and responsibilities. In those CSA jurisdictions where an approval order of CIPF is in place (British Columbia, Ontario and Saskatchewan) there has been application made to amend the order approving CIPF as a compensation fund (Approval Order) as well. The Commission is publishing the joint application of CIPF and the IDA (Joint Application) for comment together with the following related documents: 1. An amended By-law Number 1 of CIPF; 2. An amended and restated MOU between CIPF and the CSA; and The Joint Application seeks the CSA’s approval of the realignment of the regulatory roles and responsibilities between CIPF and the IDA. The realignment would result in CIPF focusing on its primary functions of risk management, administration of member insolvencies, and payment of customer losses. CIPF would no longer have an oversight role over the IDA. B. Proposed MOU In response to the Joint Application, staff revised the current approach to regulatory oversight of CIPF in light of the approach to oversight of other regulated entities. The proposed changes to the MOU (and Approval Orders where applicable) will make them more consistent with those of other regulated entities. The amended MOU will focus on matters of coordination of CSA oversight and CIPF’s reporting obligations. Other provisions that impose requirements on CIPF that are in the current MOU have been moved to the Approval Order(s). C. Comment Process We are seeking comments on the Joint Application and related documents. You are asked to provide your comments in writing and to send them on or before April 7, 2008 to: Manitoba Securities Commission c/o Doug Brown, Secretary 500 – 400 St. Mary Avenue Winnipeg, MB R3C 4K5 E-mail: doug.brown@msc.gov.mb.ca The confidentiality of submissions cannot be maintained because securities legislation in certain provinces requires that a summary of written comments received during the comment period be published. If you have questions, you may contact: Paula White Manitoba Securities Commission 204-945-5195
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