| THE SECURITIES ACT | ) |
Order No. 6549 |
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| Section 20(1) and National Instrument 31-103 Registration Requirements and Exemptions | ) |
July 5, 2012 |
Transitional Relief from the Requirement to Provide
Dispute Resolution Services Prescribed by Section 13.16 of NI 31-103
Interpretation
Terms defined in The Securities Act, R.S.M. 1988, c. S50, National Instrument 14-101 Definitions, or National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations (NI 31-103) have the same meaning in this order.
WHEREAS
Background
1. Section 13.16 [dispute resolution service] of NI 31-103, provides that a registered firm must ensure independent dispute resolution or mediation services are made available, at the firm’s expense, to a client to resolve a complaint made by the client about any trading or advising activity of the firm or one of its representatives and must inform the client as soon as possible of how to contact and use the dispute resolution or mediation services which are provided to the firm’s clients.
2. Section 16.16 [complaint handling] of NI 31-103, provides temporary relief from the application of section 13.16 of NI 31-103 until September 28, 2012 (transition period) to persons or companies registered in a jurisdiction of Canada on the date NI 31-103 came into force.
3. The Manitoba Securities Commission is currently reviewing with the Canadian Securities Administrators the dispute resolution provisions in section 13.16 of NI 31-103 and is extending the transition period that is available in section 16.16 of NI 31-103.
The Commission is of the opinion that it would not be prejudicial to the public interest to make the order requested.
IT IS ORDERED:
1. THAT under s. 20(1) of The Securities Act, R.S.M. 1988, c. S50, section 13.16 of NI 31-103 does not apply to a person or company that was a registered firm in a jurisdiction of Canada on September 28, 2009.
2. THAT this order comes into effect on September 28, 2012 and expires on the earlier of:(a) September 28, 2014; or
(b) the coming into effect of revisions to section 13.16 of NI 31-103.
BY ORDER OF THE COMMISSION
| "Chris Besko" Deputy Director |