Tl-IE MANITOBA
5£CURITIE5
COMMISSION THE MORTGAGE BROKERS ACT Section 5(1) and 3(5)
) Order No. 2823 ) ) November 19, 2021
SIGM AR MORTGAGE SERVICES LTD. and THOMAS HAROLD STANDING
WHEREAS: (A) ("Commission") issued a Notice of Hearing and a Statement of Allegations, also dated March 23, 2021, and amended June 7, 2021, whereby the Commission gave notice of its intention to hold a hearing to consider whether or not orders should be made under The Mortgage Brokers ("Act") with respect to SIGMAR MORTGAGE SERVICES LTD. ("SIGMAR") and THOMAS HAROLD STANDING ("STANDING", and together with SIGMAR, the "Respondents") (B) on April 1, 2021, May 11, 2021, June 7, 2021, June 21, 2021, and July 12, 2021 at which time hearing dates were set by a panel to commence on December 6, 2021 and ending on December 10, 2021; (C) Agreement (a copy of which is attached as Schedule "A") dated November 18, 2021 ("Settlement Agreement"), which proposed settlement of this hearing matter, subject to the approval of the Commission; (D) have waived their rights to a full hearing; (E) Hearing") to consider whether or not to approve the Settlement Agreement; (F) gave notice of having approved the Settlement Agreement and the Commission is of the opinion that it is in the public interest to make this order.
On March 23, 2021, staff of The Manitoba Securities Commission
This hearing matter previously came before a panel of the Commission
Staff of the Commission and the Respondents entered into a Settlement
The Respondents have consented to the issuance of this Order and
On November 19, 2021, the Commission held a hearing ("Settlement
After the Settlement Hearing on November 19, 2021, the Commission
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IN THE MATTER OF: THE MORTGAGE BROKERS ACT
- and
IN THE MATTER OF:
SIGMAR MORTGAGE SERVICES LTD. and THOMAS HAROLD STANDING
Settlement Agreement 1. Staff of The Manitoba Securities Commission, SIG MAR MORTGAGE SERVICES LTD. ("SIGMAR") and THOMAS HAROLD STANDING ("STANDING") have reached the following agreement:
Introduction
2.1
On March 23, 2021, The Manitoba Securities Commission (the "Commission") issued a notice of hearing (the "Notice of Hearing") of staff for a hearing (the "Hearing") under The Mortgage Brokers Act (the "MBA") to consider, inter alia: 1. whether or not it is in the public interest to order, pursuant to subsection 5(1 )(d) of the MBA, that the suspended registration of SIG MAR under the MBA continue to be suspended or cancelled; 2. whether or not it is in the public interest to order, pursuant to subsection 5(1)(d) of the MBA, that the suspended registration of STANDING under the MBA continue to be suspended or cancelled; 3. whether or not it is in the public interest to order, pursuant to subsection 5(1)(c) of the MBA, that SIGMAR pay a fine; 4. whether or not it is in the public interest to order, pursuant to subsection 5(1)(c) of the MBA, that STANDING pay a fine; 5. whether or not it is in the public interest to order, pursuant to subsection 3(5) of the MBA, that subsection 3(1), 3(2) or 3(3) does not apply to SIGMAR; 6. whether or not it is in the public interest to order, pursuant to subsection 3(5) of the MBA, that subsection 3(1 ), 3(2) or 3(3) does not apply to STANDING; 7. whether or not it is in the public interest that SIGMAR and STANDING be required to pay costs of and incidental to the hearing; and