THE MANITOBA THE SECURITIES ACT Order No. 6831 SECURITIES COMMISSION Sections 148, 19(5), and 148.3 October 23, 2013 HERMAN TSE WHEREAS: (A) On April 10, 2013, the Ontario Securities Commission ("OSC") issued an order against Herman Tse ("OSC Order"); (8) On June 6, 2013, 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 The Securities Act, R.S.M. 1988 c. S50 as amended ("Act") with respect to Herman Tse ("TSE") ; (C) On July 10, 2013, this hearing matter came before a panel of the Commission and was adjourned for service to September 18, 2013; (D) This hearing matter came before a panel of the Commission on September 18, 2013, resulting in the issuance of Order No. 6799 granting an order of substituted service pursuant to section 144 of the Act and adjourning the matter to October 23, 2013; (E) This hearing matter again came before a panel of the Commission on October 23, 2013; (F) Upon reviewing the documentary evidence and hearing the submissions of counsel for staff of the Commission, no one appearing for the respondent TSE, and upon being satisfied as to service upon the respondent TSE, 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, TSE cease trading in securities until April 10, 2018, except that immediately following the Director of the Commission having received confirmation that full payment to the OSC of the administrative penalty and costs orders against TSE in the OSC Order, TSE shall be permitted to trade securities through a registrant and only for the account of his registered retirement savings plan, as defined in the Income Tax Act, R.S.C. 1985, c.1, as amended. 2. THAT, 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 500-400 St. Mary Avenult, \\'inni1>ei,;, Manitoba R3C 41C5 tel: (2(>4) 945.2548 fax: (204) 945 .o.330 www.mS<:.gov.mb.c:a
19(2) of the Act, with respect to such of the securities referred to in that subsection, do not apply to TSE until April 10, 2018. 3. THAT, pursuant to section 148.3 of the Act, TSE shall resign all positions he may hold as a director or officer of Morgan Dragon Development Corp., Morgan Dragon Capital Fund Inc., Morgan Dragon Land Holding Inc. , Morgan Dragon Management Inc. (collectively, "Prohibited Companies"), or any successor or assignee of the Prohibited Companies, and is prohibited until April 10, 2018 from becoming or acting as a director or officer of the Prohibited Companies or their successors or assignee companies. BY ORDER OF THE COMMISSION 2 L r e 2-c~ ~ Di
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