Bill 46: The Securities Amendment Act

This bill primarily affects securities registrants — such as investment dealers, advisers, portfolio managers, and exempt market dealers — operating in Manitoba. Firms engaged in marketing or promoting securities or derivatives will face new rules about what they can say to clients or prospective investors, including prohibitions on misrepresentations and pressure tactics during promotional activities. Benchmark administrators and contributors (typically larger financial institutions that calculate or supply data for reference rates or indices) will face a new compliance regime with codes of conduct, conflict-of-interest rules, and record-keeping requirements. All registrants, regardless of size, will be required to participate in a designated dispute resolution service, meaning that client complaints could result in binding orders to pay compensation, correct records, or change business practices — with no right of appeal to the Securities Commission.