THE MANITOBA SECURITIES COMMISSION
MSC Rule No. 2016-8
(Section 149.1, The Securities Act)
MULTILATERAL INSTRUMENT 11‑103
FAILURE‑TO‑FILE CEASE TRADE ORDERS IN MULTIPLE JURISDICTIONS
PART 1 – DEFINITIONS
Definitions
1. In this Instrument,
"failure‑to‑file cease trade order" means an order, other than a management cease trade order, in relation to a specified default that prohibits or restricts trading in, or purchasing of, securities of a reporting issuer;
"management cease trade order" means a cease trade order that prohibits or restricts trading in securities of a reporting issuer by one or more of the following:
(a) the chief executive officer of the reporting issuer or a person acting in a similar capacity;
(b) the chief financial officer of the reporting issuer or a person acting in a similar capacity;
(c) an officer or director of the reporting issuer or other person or company who had, or may have had, access directly or indirectly to a material fact or material change with respect to the reporting issuer that has not been generally disclosed;
"specified default" means a failure by a reporting issuer to comply with the requirement to file, within the time period prescribed, one or more of the following:
(a) annual financial statements;
(b) an interim financial report;
(c) an annual or interim management's discussion and analysis or annual or interim management report of fund performance;
(d) an annual information form;
(e) a certification of filings under National Instrument 52‑109 Certification of Disclosure in Issuers' Annual and Interim Filings.
PART 2 – FAILURE‑TO‑FILE CEASE TRADE ORDERS
Issuance and revocation of failure‑to‑file cease trade order
2. If an issuer is a reporting issuer in the local jurisdiction, and a securities regulatory authority or regulator in another jurisdiction of Canada makes a failure‑to‑file cease trade order in respect of the issuer's securities, a person or company must not trade in or purchase a security of the issuer in the local jurisdiction, except in accordance with the conditions that are contained in the order, if any, for so long as the failure‑to‑file cease trade order remains in effect.
PART 3 – EFFECTIVE DATE
3. This Instrument comes into force on June 23, 2016.
4. This Instrument may be cited as MSC Rule 2016-8.