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THE SECURITIES ACT |
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Order No. 6658 |
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Sections 148, 19(5), and 148.3 |
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March 6, 2013 |
RONALD MAINSE
WHEREAS:
(A) On August 4, 2010, Ronald Mainse (“MAINSE”) entered into a settlement (“Settlement”) with the Ontario Securities Commission (“OSC”) resulting in an Order of the OSC dated August 13, 2010 (“OSC Order”);
(B) In the Settlement, approved by the OSC Order, MAINSE undertook to consent to a regulatory order made by any provincial or territorial securities regulatory authority in Canada containing, inter alia, a cease trading in securities, a denial of exemptions in securities law, and a director and officer resignation and prohibition, as modified to reflect the provisions of the relevant provincial or territorial securities law;
(C) On January 29, 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 section 148.4 of The Securities Act, R.S.M. 1988, c. S50 as amended (“Act”) with respect to MAINSE by reason of the OSC Order;
(D) MAINSE has consented to the issuance of this Order and has waived his right to a full hearing;
(E) 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, MAINSE cease trading in securities until August 13, 2018, with the exception that MAINSE is permitted to trade securities for the account of his registered retirement savings plan account as defined in the Income Tax Act, 1985, c.1 as amended (“Income Tax Act”).
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 19(2) of the Act, with respect to such of the securities referred to in that subsection, do not apply to MAINSE until August 13, 2018, except to the extent such exemption is necessary for trades undertaken in connection with his registered retirement savings plan account as defined in the Income Tax Act.
3. THAT, pursuant to section 148.3 of the Act, MAINSE resign any position he holds as a director or officer of a reporting issuer and be prohibited from becoming or acting as a director or officer of any reporting issuer until August 13, 2018.
BY ORDER OF THE COMMISSION
Director