Manitoba Securities Commission
NOTICE TO ALL REGISTRANTS
The Securities Act & The Commodity Futures
Act
Changes to the process for renewing registrations
Change to a single renewal date for all registrants
Background
The Commission is making changes to improve the process for renewing
registrations under both The Securities Act and The Commodity Futures
Act.
A firm or individual requesting to renew a registration must presently file a renewal form for the employing firm and each individual registrant of the employer. The forms often contain information that is already known to the Commission and in many cases renewals are delayed as a result of the need to correct deficiencies in the renewal forms.
In addition, the Commission is working with other members of the Canadian Securities Administrators ("CSA") to develop a National Registration Database ("NRD"). NRD will require registrants to file registration information electronically through the internet. Renewal applications will no longer be filed on paper. NRD will also require a standard renewal date of December 31 for all registrants.
Expedited Renewal Process
The Commission is offering firms and registered individuals employed
with those firms with registrations that expire on or after October
31, 2001 the option to use a new expedited renewal process, or ERP,
to renew the registrations of the firm and individuals registered
with the firm. Registrants who choose to use ERP will not be required
to file renewal forms.
The Expedited Renewal Process, or ERP will require an employing firm to file a letter with the Commission that contains the following information:
- name of firm and category (or categories) of registration
- locations of Manitoba branches and sub-branches of the firm
- name and category of registration of each individual applying for renewal of registration, sorted by branch (or sub-branch)
- confirmation that the renewal is being made under ERP
- confirmation that to the best of knowledge of the employer the registration information relating to the employing firm and each individual registrant described in the letter has not changed in any manner that would require reporting to the Commission
The letter must be written on firm letterhead, signed by a person authorized by the employing firm, and filed with the commission at least 30 days prior to the expiry date of the registration.
The letter must include a single payment of all registration fees for the firm and all individual registrations being renewed.
A sample letter is attached to this notice.
ERP Questions?
Can an individual registrant use ERP directly ?
No. ERP requires the firm employing an individual registrant to file the required information and fees on behalf of the firm and the individual registrants. ERP is available to all categories of registrants under each of The Securities Act and The Commodity Futures Act.
What if my registration information has changed?
An individual or firm that has not reported a change in registration information cannot use ERP. The ERP renewal letter cannot be used to report changes in registration information.
What if I do not want to use ERP?
The existing process requiring the filing of a form applying to renew registration will remain in effect until further notice.
Changes in registration information
Registrants are reminded that they must report changes in registration
information to the Commission when a change occurs. The most common
error made by registrants is the failure to report a change of address.
Registrants that show a pattern of failing to report changes in registration
information to the Commission may be the subject of disciplinary
action.
Change of Renewal date for registrants
The Commission is changing all registration renewal dates to December
31 of each year. This is to permit the Commission to implement NRD.
From November 1, 2001 to December 30, 2002 the Commission will renew registrations to December 31, 2002.
Fees for registration
A registrant will not be required to pay more than the present annual
registration fee if a registration is renewed for a period greater
than 12 months. This applies to registrations being renewed from
November 1 to December 31, 2001.
If a registration is renewed for a period of less than 12 months the renewal fee for 2002 will be pro-rated based on the number of months of registration. As an example, a registrant with a July 1, 2002 renewal date will be renewed to December 31, 2002 (6 months) and will pay a fee equal to one half of the annual fee. This applies to registrations being renewed from January 1 to December 31, 2002.
There will be no pro-rating of fees for new applications.
Implementation of changes described in this notice
The changes set out in this notice are being made by way of orders
issued by the Commission and through the exercise of discretion by
the director. Changes in rules and regulations are not being made
at this time but may be made at the time the Commission implements
NRD.
Questions:
Isilda Tavares
Registration Officer
204-945-2560
itavares@gov.mb.ca
Douglas R. Brown
Director - Registrations
204-945-0605
doubrown@gov.mb.ca
Manitoba Securities Commission
September 26, 2001