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THE SECURITIES ACT |
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Order No. 7066 |
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Sections 148, 19(5), and 148.3 |
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March 5, 2015 |
SANDRA GALE
WHEREAS:
(A) On September 10, 2014, the Ontario Securities Commission (“OSC”) issued an order against Sandra Gale (“OSC Order”);
(B) On December 17, 2014, The Manitoba Securities Commission (“Commission”) issued a Notice of Hearing (“Notice”) giving notice of its intention to hold a hearing pursuant to section 148.4 of The Securities Act, R.S.M. 1988, c. S50 as amended (“Act”) to consider whether or not it was in the public interest to grant orders with respect to Sandra Gale (“GALE”);
(C) GALE represented by legal counsel has consented to the issuance of this order and has waived her right to a full hearing;
(D) The Commission is of the opinion that it is in the public interest to make this order.
IT IS ORDERED:
1. THAT, pursuant to section 148 of the Act, GALE cease trading in securities until and including September 10, 2029, with the exception that GALE is permitted to trade in securities for the account of a registered retirement savings plan, as defined in the Income Tax Act, R.S.C., 1985, c.1, as amended, (“RRSP”) and/or a tax-free savings account (“TFSA”) in which she has sole legal and beneficial ownership, provided that:
(a) the securities are listed and posted for trading on the Toronto Stock Exchange, the New York Stock Exchange or NASDAQ (or their successor exchanges) or are issued by a mutual fund that is a reporting issuer;
(b) GALE does not own legally or beneficially (in the aggregate, together with her spouse) more than one percent of the outstanding securities of the class or series of the class in question; and
(c) GALE carries out any permitted trading through a registered dealer and through trading accounts opened in her name or the name of her spouse only (and she must close any trading accounts that are not in her name or the name of her spouse only).
2. THAT, pursuant to subsection 19(5) of the Act, subsection 19(1) of the Act, with respect to such of the trades referred to in that subsection, and subsection 19(2) of the Act, with respect to such of the securities referred to in that subsection, do not apply to GALE until and including September 10, 2029, except to allow trading in securities permitted by and in accordance with paragraph 1 of this order.
3. THAT, pursuant to section 148.3 of the Act, GALE resign all positions she holds as a director or officer of any issuer and be permanently prohibited from becoming or acting as a director or officer of any issuer.
BY ORDER OF THE COMMISSION
Director