The Manitoba Securities Commission is an independent agency of the Government of Manitoba that protects investors and promotes fair and efficient capital markets throughout the province.
The Commission was structured in its present form in 1968 as set out in The Securities Act. The Commission is divided into two branches or arms.
A reference to "the Commission" can mean either of two distinct yet connected bodies. These are:
- the administrative or functional arm which is made up of full time employees who conduct the day-to-day operations; and
- the policy making group made up of a maximum of seven Order in Council appointees who meet regularly ("Commission Members").
The Commission members meet regularly to deal with policy formulation, applications seeking exemptive or other special relief and to perform a judicial function in the hearing of disciplinary proceedings brought pursuant to the several Acts or for the determination of applications.
The administrative arm of the Commission is made up of full time employees of the provincial government and conducts the day-to-day operations including registrations, processing of applications and prospectuses, preparing matters for the referral to the Commissioners and conducting investigations, prosecutions and other hearings. The functional arm of the Commission is comprised of two operating divisions; the Securities division and the Real Estate division. The Securities division is organized into seven operational sections being investigation, legal, registration and compliance, corporate finance and continuous disclosure, finance and administration and education/information.
The Chair presides at the meetings of Commission members and is also the Chief Executive Officer of the administrative arm of the Commission. The Chair reports to the legislature through the Minister of Finance.
The Securities Advisory Committee and The Real Estate Advisory Council have been established for industry input in both areas of securities and real estate. These committees are made up of industry participants and meet to consider important issues and provide advice to the Commission. Membership in these committees changes from time to time and is detailed each year in the Commission's Annual Report.