MANITOBA SECURITIES COMMISSION STRATEGIC PLAN

Transcription

1 MANITOBA SECURITIES COMMISSION STRATEGIC PLAN The Manitba Securities Cmmissin (the Cmmissin) is a divisin f the Manitba Financial Services Agency (MFSA). The ther divisin is the Financial Institutins Regulatin Branch, which regulates the insurance, credit unin, trust cmpany and cperatives industries in Manitba. This dcument pertains nly t the peratins f the Cmmissin. This dcument is intended t be a statement f the key challenges and pririties f the Cmmissin as well as a statement f expected utcmes. The Strategic Plan will be updated as required and the plicies, prcedures and actins implemented t give effect t this plan will be develped and applied within the framewrk f the Cmmissin s annual planning and perfrmance dcument and the annual Business Plan f the MFSA. Missin The rle and missin f the Cmmissin is t act in the public interest t prtect Manitba investrs and t facilitate dynamic and cmpetitive capital and real estate markets that cntribute t the ecnmic develpment f Manitba while fstering public cnfidence in thse markets. Values The Cmmissin s missin and gals are supprted by the fllwing cre values: a) t prvide strng management t ensure regulatry effectiveness, cntrl and accuntability; b) t strive t utilize current technlgies as an innvative apprach t meet market expectatins; c) t prmte cntinuus learning, teamwrk, service innvatin and perfrmance imprvements; and d) t prvide service excellence t clients at reasnable prices. Key Challenges Certain f the key challenges f past Strategic Plans have nw largely been addressed, in particular the challenges t streamline the regulatry prcess with the harmnizatin f securities rules in Canada, the intrductin f the Passprt System and refrmulatin f the registratin rule. Glbal events have brught new challenges frnt and centre. 1. Respnding t glbal develpments The glbal financial crisis has heightened the imprtance f internatinal cperatin and harmnizatin. The MSC will cntinue t cperate with its prvincial/territrial cunterparts t ensure that the Canadian Securities Administratr (the CSA ) plays its part by actively cntinuing t cllabrate with

2 2 regulatrs internatinally t strengthen the Canadian securities regulatry regime, recgnizing that ur capital markets are glbally cnnected. 2. Enhancing investr prtectin The MSC will cntinue t fcus n prtecting investrs frm fraudulent, manipulative and misleading practices thrugh enhancing enfrcement prcesses, ensuring cmpliance with disclsure and registratin requirements and investr educatin. 3. Respnding t lcal issues While there must be an emphasis n develping the regulatry system s as t maintain natinal efficiency and harmnizatin and t allw Canada t keep up with glbal regulatry refrm the MSC cannt verlk the issues and specific prblems affecting capital markets and investrs in Manitba. As such, while the natinal harmnizatin effrt must be maintained the MSC shuld nt d s at the expense f established rules that prvide the agency with the means t deal flexibly and in a timely manner with lcal issues. Our Pririties In rder t realize ur visin and deal with the challenges facing us we have develped a plan calling fr directed effrts in the areas f pririty which are set ut belw: Cperatin in respnding t glbal develpments Thrugh ur effrts within the CSA we will assist it t fcus n and crdinate with internatinal regulatrs in reviewing and develping respnses t issues in systemic risks,, hedge funds, derivatives and exempt market rules. Enhancing Investr Prtectin We cnsider investr educatin t be a majr part f investr prtectin n the understanding that an infrmed investr is a prtected investr. Recent MSC educatin initiatives, includeing the Make it Cunt Prgram and the I m Wrth It and Yur Future Self campaigns, have been well received in Manitba and in sme cases have received natinal distributin. The MSC will cntinue t imprve upn existing educatinal vehicles and develp new nes in rder t fulfill this imprtant part f ur mandate. At the same time the MSC will cntinue t participate in CSA investr educatin and initiatives. In the area f enfrcement we will cntinue t act in a timely manner in respnding t prblems and investigating and prsecuting actins against thse breaching securities laws. We will enhance ur technlgical market surveillance and investigative tls and maintain and imprve upn ur cperatin with ther regulatry agencies. We will als prmte the use f reciprcal rders issued by ther Canadian jurisdictins and wrk with ur CSA clleagues in imprving the interjurisdictinal infrmatin sharing and a cnslidated case management system.

3 3 As a means f practive regulatin the MSC will cntinue t develp and imprve upn its preventin-riented activities including field audits and cntinuus disclsure reviews. We will cntinue t wrk with ur CSA clleagues in imprving prspectus disclsure and develping a pint f sale disclsure regime and a risk calculatin methdlgy fr cnventinal mutual funds. We will als cperate in the develpment f a summary dcument fr cmparable prducts such as ETFs. We will cllabrate with ther CSA jurisdictins in stakehlder cnsultatins n mutual fund fees and a standard f cnduct fr registrants. We will cntinue t ffer ur staff training in their areas t allw them t make full use f their abilities in prtecting ur markets and investrs. In the area f real estate the Cmmissin will maintain and enhance its cntacts and nging wrk with industry grups and natinal and internatinal regulatry grups. We will als cntinue ur cnsultatin with the public and industry in the use f Prperty Disclsure Statements and the pssible regulatin f Prperty Inspectrs. Respnding t lcal issues It is imprtant that we at the MSC d ur part t maintain the natinal harmnizatin f securities rules that has been develped with significant effrt ver the last few years. Manitba markets have unique features and characteristics that are nt evident in ther Canadian jurisdictins and that cntribute t the efficient functining f ur markets. It is necessary that the MSC maintain and exercise its authrity ver such matters f lcal imprtance. In s ding we will emply flexible and respnsive regulatin t prevent any unanticipated interference with the applicatin f necessary natinal rules. Outcmes Certain utcmes are anticipated in the Cmmissin s applicatin f this Strategic Plan t ur annual planning and perfrming prcess. Manitba s capital markets and regulatry system will be fully harmnized natinally We will cntinue the fllwing key initiatives tward achieving this utcme: a) c-peratively cntinue the CSA prject t perate the passprt and legislatin aimed at harmnizing the laws n a natinal basis and that als supprt internatinal regulatry refrms; b) c-perate with all ther regulatrs and gvernments t achieve an effective natinal regulatry scheme that is administered prvincially; c) participate in internatinal r regulatry rganizatins such as the Nrth American Securities Assciatin and ARELLO (Assciatin f Real

4 4 Estate License Law Officials) and in natinal regulatry rganizatins such as the CSA and CRG (Real Estate Regulatrs Grup); d) reduce inter-jurisdictinal impediments t infrmatin sharing and enfrcement supprt; e) c-perate with the Jint Frum f Financial Regulatrs in the develpment and implementatin f regulatry slutins that are harmnized acrss the financial services industries; f) participate in the cntinued develpment f natinal electrnic infrmatin systems and databases such as SEDI, SEDAR and NRD. g) participate in strengthening the rle and resurces f the CSA Secretariat t allw it t act as a fully functining business ffice as well as assist in the develpment f in-huse peratin f the CSA systems and databases. h) Wrk in the area f access t capital in Manitba by small and medium enterprises. Market participants and investrs will have cnfidence in the integrity f Manitba s capital markets We will implement the fllwing key initiatives tward achieving this utcme: a) wrk with ur prvincial gvernment and Canadian regulatrs n legislative initiatives t strengthen the regulatry system; b) wrk with the CSA and industry t enhance ur ability t mnitr markets and develp strategies t identify and reduce illegal market activity in Canada, as well as identify and react t ther investr/market issues that arise; c) c-perate with the ther CSA members in finalizing a revised framewrk fr regulating mutual funds in Canada which includes investr friendly pint f sale disclsure; d) mnitr and imprve ur timelines in the area f investigatins and the hearing prcess t ensure that regulatry breaches are dealt with in an efficient, effective and cnsistent manner; e) cntinue t apply, where apprpriate, the Cmmissin s authrity t rder financial cmpensatin as a means f prtecting investrs; f) infrm the public n an nging and timely basis f significant marketplace risks r dangers t investrs arising ut f illegal trading activities; g) enhance ur infrmatin/educatinal functin and abilities t allw the Cmmissin t reach the greatest number f Manitbans with vital infrmatin fr the prtectin f their interests. This will include the cntinuatin f current prgrams and the further develpment f new prgrams including Internet based tls. The Public will have cnfidence and integrity in Manitba s real estate markets

5 5 We will cntinue the fllwing key initiative twards achieving this utcme: a) wrk with ur prvincial gvernment, ther Canadian regulatrs and members f the industry n legislative initiatives t strengthen the regulatry system; b) review the legislatin and regulatins we administer n an nging basis t ensure that they are efficient, effective and mdern in their scpe and peratins; c) assess the efficiency f ur system (bth paper based and electrnic) t ensure that the industry and public are well served thrugh their peratin; d) cmplete the implementatin f the regulatry regime instituted under The Mrtgage Brkers Act and wrk twards marking imprvements in The Real Estate Brkers Act; e) review the activities f ther real estate industry service prviders cncerning the advisability f regulatin. The Cmmissin will have superir and transparent gvernance and accuntability mechanisms We will: a) cntinue t develp a mre custmer fcused apprach t ur Cmmissin s service delivery; b) imprve ur cnsistency in regulatin with the develpment and nging updating f prcedure and plicy manuals fr each functinal area f the Cmmissin; c) cntinue t develp r imprve financial cntrls and enhance ur budgeting prcesses. We will enhance and fully utilize the capacity and abilities f ur staff We will undertake the fllwing key initiatives tward achieving this utcme: a) prvide staff with regular training pprtunities t increase their prfessinal knwledge and capabilities; b) prvide staff, where pssible, the pprtunity t advance within the rganizatin; c) utilize the knwledge and insight f staff in the develpment f ur planning and perfrmance measurement dcument and in the develpment f plicies and prcedures generally. The challenges, pririties and utcmes identified will be updated regularly, applied thrugh ur annual planning and perfrmance measurement prcess and reprted n thrugh ur Annual Reprt. 2013