THE MAN ITO SA
S EC URITI I:!3
COMM I SS I ON
THE SECURITIES ACT
)
Order No. 6477
)
Sections 148, 19(5), and 148.3
)
March 7, 2012
ROSTISLAV ZEMLINSKY
WHEREAS:
(A)
On March 28, 2011 , the Ontario Securities Commission ("OSC") issued
an order ("OSC Order") against Rostislav Zemlinsky ("ZEMLINSKY") approving a
Settlement Agreement dated March 23, 2011
between the respondent and the
Director, Enforcement Branch of the OSC ("OSC Settlement");
(8)
On
February
8,
2012,
The
Manitoba
Securities
Commission
("Commission") issued a Notice of Hearing ("Notice") giving notice of its intention to
hold a hearing to consider whether or not it was in the public interest to grant orders
pursuant to section 148.4 of The Securities Act, R.S.M. 1988, c. S50 as amended
("Act") with respect to ZEMLINSKY;
(C)
ZEMLINSKY has consented to the issuance of this Order and has
waived his right to a full hearing ;
(D)
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, ZEMLINSKY cease trading
in securities until and including March 28, 2013 and 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 ZEMLINSKY until and
including March 28, 20 16, all of the foregoing being subject to a carve-out to allow
ZEIVILINSKY to trade securities for the account of any registered retirement savings
plans and/or any registered retirement income funds (as defined in the Income Tax
Act (Canada))
in which he and/or his spouse have sole legal and
beneficial
ownership , provided that:
(a)
the securities traded are listed and posted for trading on the Toronto
Stock Exchange, the New York Stock Exchange, or NASDAQ (or their
successor exchanges) , are issued by a mutual fund that is a reporting
issuer, or are debt securities;
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Page 2
(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 ; and
(c)
he carries out any trading permitted by this order through a registered
dealer (which dealer must be given a copy of this order) and through
accounts opened in his name only (and he must close any trading
accounts that are not in his name only) .
2.
THAT, pursuant to section 148.3 of the Act, ZEM LINSKY be prohibited
from
becoming or acting as a director or officer of any issuer, registrant,
or
investment fund manager until and including March 28 , 2016 .
BY ORDER OF THE COMMISSION
You are being directed to the most recent version of the statute which may not be the version considered at the time of the judgment.