| THE SECURITIES ACT | ) |
Order No. 3656 |
) |
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| Section 20 | ) |
February 6, 2002 |
CIVIL SERVICE SUPERANNUATION BOARD
WHEREAS:
(A) The Civil Service Superannuation Board (the "CSSB") has applied to The Manitoba Securities Commission (the "Commission") for an order pursuant to subsection 20(1) of the Securities Act, R.S.M. 1988, c. S50 (the "Act") to be exempted from sections 6 and 37 of the Act to provide investment management services for the Manitoba Hydro Pension Fund ("MHPF") and the Centra Gas Manitoba Inc. Pension Plans ("Centra Gas Plans").
(B) CSSB has represented to the Commission that:
1. The Civil Service Superannuation Fund ("Fund") was established by provincial legislation and is a registered plan for the purposed of the Income Tax Act (Canada).
2. The CSSB was established by provincial legislation and administers the Fund.
3. The Fund receives contributions from employees and payments from the Government of Manitoba its boards, commissions and corporations that employ them ("Contributions").
4. Contributions are invested as directed by the investment committee of the CSSB and are restricted to investments permitted under the Pensions Benefits Act (Manitoba).
5. The CSSB was appointed the investment manager and custodian of the MHPF on December 17, 1991.
6. The MHPF is funds set aside by Manitoba Hydro (a crown corporation) to fund their employer share of any future pension liability. The monies of MHPF are invested separately from the assets of the Fund.
7. The Centra Gas Plans are funds pension monies used to fund current and future pensions for former employees of Centra Gas which is now a wholly owned subsidiary of Manitoba Hydro. The monies of the Centra Gas Plans are invested separately from the Fund.
8. The Centra Gas Plans provide pensions to non-government employees.
9. Investment decisions are made by the Investment Division of the Fund which is directed by the Chief Investment Officer and two other persons. The Chief Investment Officer and the two other persons are contractors of the Fund, not employees and are all formerly registered as Investment Counsel in either Manitoba or Ontario.
10. The Investment Division can make investments on a discretionary basis within the bounds of the investment policy of the Fund. All trades are reported for subsequent approval by the Investment Committee of the Fund.
(C) The Commission is of the opinion that it would not be prejudicial to the public interest to grant the order requested.
IT IS ORDERED:
1. THAT, pursuant to subsection 20(1) of the Act, CSSB and its trustees from time to time and the Investment Division of the CSSB be exempt from section 6 and 37 of the Act with respect to trades of securities made in the course of providing investment management services to MHPF and the Centra Gas Plans.
2. THAT the fee for this Order is $1,000.00.
BY ORDER OF THE COMMISSION
Deputy Director – Legal