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THE SECURITIES ACT |
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Order No. 7188 |
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Sections 148, 19(5), and 148.3 |
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September 23, 2015 |
LEWIS TAYLOR SR.
WHEREAS:
(A) On January 26, 2011, the Ontario Securities Commission (“OSC”) issued an order against Lewis Taylor Sr. (“OSC Order”);
(B) On July 23, 2015, 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 Lewis Taylor Sr.;
(C) On September 23, 2015, this hearing matter came before a panel of the Commission;
(D) Upon reviewing the documentary evidence and hearing the submissions of counsel for staff of the Commission, no one appearing for the respondent, and upon reviewing the Affidavit of Service, filed, and being satisfied as to service upon the respondent, 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, Lewis Taylor Sr. cease trading in securities permanently, except that he is permitted to trade securities for the account of his registered retirement savings plans, registered retirement income plans, registered education savings plans or tax-free savings accounts, as defined in the Income Tax Act (Canada), in which he or his spouse have 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) he does not own legally or beneficially, in the aggregate together with his spouse, more than one percent of the outstanding securities of the class or series of the class in question;
(c) he carries out any permitted trading through a registered dealer and through trading accounts opened in his name only, and he must close any trading accounts that are not in his name only, and;
(d) he gives a copy of this order to any registered dealer through which he will trade in advance of any trading.
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 Lewis Taylor Sr. permanently.
3. THAT, pursuant to section 148.3 of the Act, Lewis Taylor Sr. resign any position he holds as a director or officer of any issuer and be prohibited from acting as a director or officer of any issuer permanently.
BY ORDER OF THE COMMISSION
Director