Acts and Regulations

S-5.5 - Securities Act

Section 184
Disposition versions

Full text
Orders in the public interest
184(1)On the application of the Commission, the Tribunal, if in its opinion it is in the public interest to do so, may make one or more of the following orders:
(a) an order that the registration granted to a person under New Brunswick securities law be suspended or restricted for such period as is specified in the order or be cancelled, or that terms and conditions be imposed on the registration;
(b) an order that the recognition granted to a person under New Brunswick securities law be suspended or restricted for such period as is specified in the order or be revoked, or that terms and conditions be imposed on the recognition;
(c) an order that
(i) trading in or purchasing cease in respect of any securities, derivatives, class of securities or class of derivatives, or
(ii) a person specified in the order
(A) cease trading in or purchasing securities or derivatives, specified securities or derivatives or a class of securities or class of derivatives, or
(B) is prohibited from acting in a management or consultative capacity in connection with activities in the securities or derivatives market;
(d) an order that any exemptions contained in New Brunswick securities law do not apply to a person permanently or for such period as is specified in the order;
(e) an order that a market participant submit to a review of the market participant’s practices and procedures and institute such changes as may be directed by the Tribunal;
(f) if the Tribunal is satisfied that New Brunswick securities law has not been complied with, an order that a release, a report, a preliminary prospectus, a prospectus, a return, a financial statement, an information circular, a take-over bid circular, an issuer bid circular, a notice of change or variation in respect of a take-over bid circular or an issuer bid circular, an offering memorandum, a proxy solicitation or any other document described in the order
(i) be provided by a market participant to a person,
(ii) not be provided by a market participant to a person, or
(iii) be amended by a market participant to the extent that amendment is practicable;
(g) an order that a person be reprimanded;
(h) an order that a person resign one or more positions that the person holds as a director or officer of an issuer, registrant or mutual fund manager;
(i) an order that a person is prohibited from becoming or acting as a director or officer of any issuer, registrant or mutual fund manager;
(j) an order that a person is prohibited from disseminating to the public, or authorizing the dissemination to the public of, any information or material of any kind that is described in the order;
(k) an order that a person disseminate to the public, by the method, if any, described in the order, the information or material relating to the affairs of the registrant or issuer that the Tribunal considers must be disseminated;
(l) an order that a person amend, in the manner specified in the order, any information or material of any kind described in the order that is disseminated to the public;
(m) an order that a person cease contravening or comply with and that the directors and officers of the person cause the person to cease contravening or to comply with New Brunswick securities law;
(m.1) an order that a person cease contravening or comply with, and that the directors and officers of the person cause the person to cease contravening or to comply with, a by-law or other regulatory instrument, practice or policy or a direction, decision, order or ruling made under a by-law or other regulatory instrument, practice or policy of a self-regulatory organization, exchange, quotation and trade reporting system, clearing agency, auditor oversight body, trade repository or derivatives trading facility, as the case may be, that has been recognized by the Commission under subsection 35(1);
(n) Repealed: 2007, c.38, s.182
(o) an order that a trade is deemed to be a distribution; or
(p) if a person has not complied with New Brunswick securities law, an order requiring the person to disgorge to the Commission any amounts obtained as a result of the non-compliance.
184(1.1)In addition to the power to make orders under subsection (1), the Tribunal, on the application of the Commission, with or without providing an opportunity to be heard, may make one or more of the orders referred to in paragraphs (1)(a) to (d) and (1)(g) to (i) against a person if the person
(a) has been convicted in Canada or elsewhere of an offence
(i) arising from a transaction, business or course of conduct related to securities or derivatives, or
(ii) under the laws of the jurisdiction respecting the purchase or sale of securities or derivatives,
(b) has been found by a court or tribunal of competent jurisdiction in Canada or elsewhere to have contravened or to have failed to comply with the laws of the jurisdiction respecting the purchase or sale of securities or derivatives,
(c) is subject to an order made by a securities regulatory authority outside Canada or a self-regulatory organization in Canada or elsewhere imposing sanctions, conditions, restrictions or requirements on the person, or
(d) has agreed with a securities regulatory authority or self-regulatory organization in Canada or elsewhere to be subject to sanctions, conditions, restrictions or requirements.
184(2)The Tribunal may impose such terms and conditions as the Tribunal considers appropriate on an order under this section.
184(3)The Tribunal may make an order under paragraph (1)(c) despite that a report of the material change has been filed with the Commission on a confidential basis under the regulations.
184(4)Unless the parties and the Tribunal consent, no order shall be made under this section, except under subsection (1.1), without a hearing.
184(5)Despite subsection (4), if in the opinion of the Tribunal the length of time required to hold a hearing could be prejudicial to the public interest, the Tribunal, without a hearing, may make a temporary order under paragraph (1)(a), (b), (c) or (d) or subparagraph (1)(f)(ii).
184(6)The temporary order shall take effect immediately and shall expire on the fifteenth day after its making unless extended by the Tribunal.
184(7)The Tribunal may extend a temporary order until the hearing is concluded if a hearing is commenced within the 15-day period.
184(8)Despite subsection (7), the Tribunal may extend a temporary order under paragraph (1)(c) for the period that it considers necessary if satisfactory information is not provided to the Tribunal within the 15-day period.
184(9)The Commission shall without delay give written notice of an order or temporary order made under this section to any person directly affected by the order or temporary order.
2007, c.38, s.182; 2008, c.22, s.54; 2011, c.43, s.33; 2013, c.31, s.36; 2013, c.43, s.34; 2016, c.18, s.9.
Orders in the public interest
184(1)On the application of the Commission, the Tribunal, if in its opinion it is in the public interest to do so, may make one or more of the following orders:
(a) an order that the registration granted to a person under New Brunswick securities law be suspended or restricted for such period as is specified in the order or be cancelled, or that terms and conditions be imposed on the registration;
(b) an order that the recognition granted to a person under New Brunswick securities law be suspended or restricted for such period as is specified in the order or be revoked, or that terms and conditions be imposed on the recognition;
(c) an order that
(i) trading in or purchasing cease in respect of any securities, derivatives, class of securities or class of derivatives, or
(ii) a person specified in the order
(A) cease trading in or purchasing securities or derivatives, specified securities or derivatives or a class of securities or class of derivatives, or
(B) is prohibited from acting in a management or consultative capacity in connection with activities in the securities or derivatives market;
(d) an order that any exemptions contained in New Brunswick securities law do not apply to a person permanently or for such period as is specified in the order;
(e) an order that a market participant submit to a review of the market participant’s practices and procedures and institute such changes as may be directed by the Tribunal;
(f) if the Tribunal is satisfied that New Brunswick securities law has not been complied with, an order that a release, a report, a preliminary prospectus, a prospectus, a return, a financial statement, an information circular, a take-over bid circular, an issuer bid circular, a notice of change or variation in respect of a take-over bid circular or an issuer bid circular, an offering memorandum, a proxy solicitation or any other document described in the order
(i) be provided by a market participant to a person,
(ii) not be provided by a market participant to a person, or
(iii) be amended by a market participant to the extent that amendment is practicable;
(g) an order that a person be reprimanded;
(h) an order that a person resign one or more positions that the person holds as a director or officer of an issuer, registrant or mutual fund manager;
(i) an order that a person is prohibited from becoming or acting as a director or officer of any issuer, registrant or mutual fund manager;
(j) an order that a person is prohibited from disseminating to the public, or authorizing the dissemination to the public of, any information or material of any kind that is described in the order;
(k) an order that a person disseminate to the public, by the method, if any, described in the order, the information or material relating to the affairs of the registrant or issuer that the Tribunal considers must be disseminated;
(l) an order that a person amend, in the manner specified in the order, any information or material of any kind described in the order that is disseminated to the public;
(m) an order that a person cease contravening or comply with and that the directors and officers of the person cause the person to cease contravening or to comply with New Brunswick securities law;
(m.1) an order that a person cease contravening or comply with, and that the directors and officers of the person cause the person to cease contravening or to comply with, a by-law or other regulatory instrument, practice or policy or a direction, decision, order or ruling made under a by-law or other regulatory instrument, practice or policy of a self-regulatory organization, exchange, quotation and trade reporting system, clearing agency, auditor oversight body, trade repository or derivatives trading facility, as the case may be, that has been recognized by the Commission under subsection 35(1);
(n) Repealed: 2007, c.38, s.182
(o) an order that a trade is deemed to be a distribution; or
(p) if a person has not complied with New Brunswick securities law, an order requiring the person to disgorge to the Commission any amounts obtained as a result of the non-compliance.
184(1.1)In addition to the power to make orders under subsection (1), the Tribunal, on the application of the Commission and after providing an opportunity to be heard, may make one or more of the orders referred to in paragraphs (1)(a) to (d) and (1)(g) to (i) against a person if the person
(a) has been convicted in Canada or elsewhere of an offence
(i) arising from a transaction, business or course of conduct related to securities or derivatives, or
(ii) under the laws of the jurisdiction respecting the purchase or sale of securities or derivatives,
(b) has been found by a court or tribunal of competent jurisdiction in Canada or elsewhere to have contravened or to have failed to comply with the laws of the jurisdiction respecting the purchase or sale of securities or derivatives,
(c) is subject to an order made by a securities regulatory authority or self-regulatory organization in Canada or elsewhere imposing sanctions, conditions, restrictions or requirements on the person, or
(d) has agreed with a securities regulatory authority or self-regulatory organization in Canada or elsewhere to be subject to sanctions, conditions, restrictions or requirements.
184(2)The Tribunal may impose such terms and conditions as the Tribunal considers appropriate on an order under this section.
184(3)The Tribunal may make an order under paragraph (1)(c) despite that a report of the material change has been filed with the Commission on a confidential basis under the regulations.
184(4)Unless the parties and the Tribunal consent, no order shall be made under this section, except under subsection (1.1), without a hearing.
184(5)Despite subsection (4), if in the opinion of the Tribunal the length of time required to hold a hearing could be prejudicial to the public interest, the Tribunal, without a hearing, may make a temporary order under paragraph (1)(a), (b), (c) or (d) or subparagraph (1)(f)(ii).
184(6)The temporary order shall take effect immediately and shall expire on the fifteenth day after its making unless extended by the Tribunal.
184(7)The Tribunal may extend a temporary order until the hearing is concluded if a hearing is commenced within the 15-day period.
184(8)Despite subsection (7), the Tribunal may extend a temporary order under paragraph (1)(c) for the period that it considers necessary if satisfactory information is not provided to the Tribunal within the 15-day period.
184(9)The Commission shall without delay give written notice of an order or temporary order made under this section to any person directly affected by the order or temporary order.
2007, c.38, s.182; 2008, c.22, s.54; 2011, c.43, s.33; 2013, c.31, s.36; 2013, c.43, s.34
Orders in the public interest
184(1)On the application of the Commission, the Tribunal, if in its opinion it is in the public interest to do so, may make one or more of the following orders:
(a) an order that the registration granted to a person under New Brunswick securities law be suspended or restricted for such period as is specified in the order or be cancelled, or that terms and conditions be imposed on the registration;
(b) an order that the recognition granted to a person under New Brunswick securities law be suspended or restricted for such period as is specified in the order or be revoked, or that terms and conditions be imposed on the recognition;
(c) an order that
(i) trading in or purchasing cease in respect of any securities or exchange contracts specified in the order, or
(ii) a person specified in the order cease trading in or purchasing securities or exchange contracts, specified securities or exchange contracts or a class of securities or class of exchange contracts;
(d) an order that any exemptions contained in New Brunswick securities law do not apply to a person permanently or for such period as is specified in the order;
(e) an order that a market participant submit to a review of the market participant’s practices and procedures and institute such changes as may be directed by the Tribunal;
(f) if the Tribunal is satisfied that New Brunswick securities law has not been complied with, an order that a release, a report, a preliminary prospectus, a prospectus, a return, a financial statement, an information circular, a take-over bid circular, an issuer bid circular, a notice of change or variation in respect of a take-over bid circular or an issuer bid circular, an offering memorandum, a proxy solicitation or any other document described in the order
(i) be provided by a market participant to a person,
(ii) not be provided by a market participant to a person, or
(iii) be amended by a market participant to the extent that amendment is practicable;
(g) an order that a person be reprimanded;
(h) an order that a person resign one or more positions that the person holds as a director or officer of an issuer, registrant or mutual fund manager;
(i) an order that a person is prohibited from becoming or acting as a director or officer of any issuer, registrant or mutual fund manager;
(j) an order that a person is prohibited from disseminating to the public, or authorizing the dissemination to the public of, any information or material of any kind that is described in the order;
(k) an order that a person disseminate to the public, by the method, if any, described in the order, the information or material relating to the affairs of the registrant or issuer that the Tribunal considers must be disseminated;
(l) an order that a person amend, in the manner specified in the order, any information or material of any kind described in the order that is disseminated to the public;
(m) an order that a person cease contravening or comply with and that the directors and officers of the person cause the person to cease contravening or to comply with New Brunswick securities law;
(n) Repealed: 2007, c.38, s.182
(o) an order that a trade is deemed to be a distribution; or
(p) if a person has not complied with New Brunswick securities law, an order requiring the person to disgorge to the Commission any amounts obtained as a result of the non-compliance.
184(1.1)In addition to the power to make orders under subsection (1), the Tribunal, on the application of the Commission and after providing an opportunity to be heard, may make one or more of the orders referred to in paragraphs (1)(a) to (d) and (1)(g) to (i) against a person if the person
(a) has been convicted in Canada or elsewhere of an offence
(i) arising from a transaction, business or course of conduct related to securities or exchange contracts, or
(ii) under the laws of the jurisdiction respecting the purchase or sale of securities or exchange contracts,
(b) has been found by a court or tribunal of competent jurisdiction in Canada or elsewhere to have contravened or to have failed to comply with the laws of the jurisdiction respecting the purchase or sale of securities or exchange contracts,
(c) is subject to an order made by a securities regulatory authority or self-regulatory organization in Canada or elsewhere imposing sanctions, conditions, restrictions or requirements on the person, or
(d) has agreed with a securities regulatory authority or self-regulatory organization in Canada or elsewhere to be subject to sanctions, conditions, restrictions or requirements.
184(2)The Tribunal may impose such terms and conditions as the Tribunal considers appropriate on an order under this section.
184(3)The Tribunal may make an order under paragraph (1)(c) despite that a report of the material change has been filed with the Commission on a confidential basis under the regulations.
184(4)Unless the parties and the Tribunal consent, no order shall be made under this section, except under subsection (1.1), without a hearing.
184(5)Despite subsection (4), if in the opinion of the Tribunal the length of time required to hold a hearing could be prejudicial to the public interest, the Tribunal, without a hearing, may make a temporary order under paragraph (1)(a), (b), (c) or (d) or subparagraph (1)(f)(ii).
184(6)The temporary order shall take effect immediately and shall expire on the fifteenth day after its making unless extended by the Tribunal.
184(7)The Tribunal may extend a temporary order until the hearing is concluded if a hearing is commenced within the 15-day period.
184(8)Despite subsection (7), the Tribunal may extend a temporary order under paragraph (1)(c) for the period that it considers necessary if satisfactory information is not provided to the Tribunal within the 15-day period.
184(9)The Commission shall without delay give written notice of an order or temporary order made under this section to any person directly affected by the order or temporary order.
2007, c.38, s.182; 2008, c.22, s.54; 2011, c.43, s.33; 2013, c.31, s.36
Orders in the public interest
184(1)The Commission may, if in its opinion it is in the public interest to do so, make one or more of the following orders:
(a) an order that the registration granted to a person under New Brunswick securities law be suspended or restricted for such period as is specified in the order or be cancelled, or that terms and conditions be imposed on the registration;
(b) an order that the recognition granted to a person under New Brunswick securities law be suspended or restricted for such period as is specified in the order or be revoked, or that terms and conditions be imposed on the recognition;
(c) an order that
(i) trading in or purchasing cease in respect of any securities or exchange contracts specified in the order, or
(ii) a person specified in the order cease trading in or purchasing securities or exchange contracts, specified securities or exchange contracts or a class of securities or class of exchange contracts;
(d) an order that any exemptions contained in New Brunswick securities law do not apply to a person permanently or for such period as is specified in the order;
(e) an order that a market participant submit to a review of the market participant’s practices and procedures and institute such changes as may be directed by the Commission;
(f) if the Commission is satisfied that New Brunswick securities law has not been complied with, an order that a release, a report, a preliminary prospectus, a prospectus, a return, a financial statement, an information circular, a take-over bid circular, an issuer bid circular, a notice of change or variation in respect of a take-over bid circular or an issuer bid circular, an offering memorandum, a proxy solicitation or any other document described in the order
(i) be provided by a market participant to a person,
(ii) not be provided by a market participant to a person, or
(iii) be amended by a market participant to the extent that amendment is practicable;
(g) an order that a person be reprimanded;
(h) an order that a person resign one or more positions that the person holds as a director or officer of an issuer, registrant or mutual fund manager;
(i) an order that a person is prohibited from becoming or acting as a director or officer of any issuer, registrant or mutual fund manager;
(j) an order that a person is prohibited from disseminating to the public, or authorizing the dissemination to the public of, any information or material of any kind that is described in the order;
(k) an order that a person disseminate to the public, by the method, if any, described in the order, the information or material relating to the affairs of the registrant or issuer that the Commission considers must be disseminated;
(l) an order that a person amend, in the manner specified in the order, any information or material of any kind described in the order that is disseminated to the public;
(m) an order that a person cease contravening or comply with and that the directors and officers of the person cause the person to cease contravening or to comply with New Brunswick securities law;
(n) Repealed: 2007, c.38, s.182
(o) an order that a trade is deemed to be a distribution; or
(p) if a person has not complied with New Brunswick securities law, an order requiring the person to disgorge to the Commission any amounts obtained as a result of the non-compliance.
184(1.1)In addition to the power to make orders under subsection (1), the Commission may, after providing an opportunity to be heard, make one or more of the orders referred to in paragraphs (1)(a) to (d) and (1)(g) to (i) against a person if the person
(a) has been convicted in Canada or elsewhere of an offence
(i) arising from a transaction, business or course of conduct related to securities or exchange contracts, or
(ii) under the laws of the jurisdiction respecting the purchase or sale of securities or exchange contracts,
(b) has been found by a court or tribunal of competent jurisdiction in Canada or elsewhere to have contravened or to have failed to comply with the laws of the jurisdiction respecting the purchase or sale of securities or exchange contracts,
(c) is subject to an order made by a securities regulatory authority or self-regulatory organization in Canada or elsewhere imposing sanctions, conditions, restrictions or requirements on the person, or
(d) has agreed with a securities regulatory authority or self-regulatory organization in Canada or elsewhere to be subject to sanctions, conditions, restrictions or requirements.
184(2)The Commission may impose such terms and conditions as the Commission considers appropriate on an order under this section.
184(3)The Commission may make an order under paragraph (1)(c) notwithstanding the filing of a report of the material change with it on a confidential basis under the regulations.
184(4) Unless the parties and the Commission consent, no order shall be made under this section, except under subsection (1.1), without a hearing.
184(5)Notwithstanding subsection (4), if in the opinion of the Commission the length of time required to hold a hearing could be prejudicial to the public interest, the Commission may, without a hearing, make a temporary order under paragraph (1)(a), (b), (c) or (d) or subparagraph (1)(f)(ii).
184(6)The temporary order shall take effect immediately and shall expire on the fifteenth day after its making unless extended by the Commission.
184(7)The Commission may extend a temporary order until the hearing is concluded if a hearing is commenced within the 15-day period.
184(8)Notwithstanding subsection (7), the Commission may extend a temporary order under paragraph (1)(c) for such period as it considers necessary if satisfactory information is not provided to the Commission within the 15-day period.
184(9)The Commission shall without delay give written notice of an order or temporary order made under this section to any person directly affected by the order or temporary order.
2007, c.38, s.182; 2008, c.22, s.54; 2011, c.43, s.33
Orders in the public interest
184(1)The Commission may, if in its opinion it is in the public interest to do so, make one or more of the following orders:
(a) an order that the registration granted to a person under New Brunswick securities law be suspended or restricted for such period as is specified in the order or be cancelled, or that terms and conditions be imposed on the registration;
(b) an order that the recognition granted to a person under New Brunswick securities law be suspended or restricted for such period as is specified in the order or be revoked, or that terms and conditions be imposed on the recognition;
(c) an order that
(i) trading in or purchasing cease in respect of any securities or exchange contracts specified in the order, or
(ii) a person specified in the order cease trading in or purchasing securities or exchange contracts, specified securities or exchange contracts or a class of securities or class of exchange contracts;
(d) an order that any exemptions contained in New Brunswick securities law do not apply to a person permanently or for such period as is specified in the order;
(e) an order that a market participant submit to a review of the market participant’s practices and procedures and institute such changes as may be directed by the Commission;
(f) if the Commission is satisfied that New Brunswick securities law has not been complied with, an order that a release, a report, a preliminary prospectus, a prospectus, a return, a financial statement, an information circular, a take-over bid circular, an issuer bid circular, a notice of change or variation in respect of a take-over bid circular or an issuer bid circular, an offering memorandum, a proxy solicitation or any other document described in the order
(i) be provided by a market participant to a person,
(ii) not be provided by a market participant to a person, or
(iii) be amended by a market participant to the extent that amendment is practicable;
(g) an order that a person be reprimanded;
(h) an order that a person resign one or more positions that the person holds as a director or officer of an issuer, registrant or mutual fund manager;
(i) an order that a person is prohibited from becoming or acting as a director or officer of any issuer, registrant or mutual fund manager;
(j) an order that a person is prohibited from disseminating to the public, or authorizing the dissemination to the public of, any information or material of any kind that is described in the order;
(k) an order that a person disseminate to the public, by the method, if any, described in the order, the information or material relating to the affairs of the registrant or issuer that the Commission considers must be disseminated;
(l) an order that a person amend, in the manner specified in the order, any information or material of any kind described in the order that is disseminated to the public;
(m) an order that a person cease contravening or comply with and that the directors and officers of the person cause the person to cease contravening or to comply with New Brunswick securities law;
(n) Repealed: 2007, c.38, s.182
(o) an order that a trade is deemed to be a distribution; or
(p) if a person has not complied with New Brunswick securities law, an order requiring the person to disgorge to the Commission any amounts obtained as a result of the non-compliance.
184(1.1)In addition to the power to make orders under subsection (1), the Commission may, after providing an opportunity to be heard, make one or more of the orders referred to in paragraphs (1)(a) to (d) and (1)(g) to (i) against a person if the person
(a) has been convicted in Canada or elsewhere of an offence
(i) arising from a transaction, business or course of conduct related to securities or exchange contracts, or
(ii) under the laws of the jurisdiction respecting trading in securities or exchange contracts,
(b) has been found by a court or tribunal of competent jurisdiction in Canada or elsewhere to have contravened or to have failed to comply with the laws of the jurisdiction respecting trading in securities or exchange contracts,
(c) is subject to an order made by a securities regulatory authority or self-regulatory organization in Canada or elsewhere imposing sanctions, conditions, restrictions or requirements on the person, or
(d) has agreed with a securities regulatory authority or self-regulatory organization in Canada or elsewhere to be subject to sanctions, conditions, restrictions or requirements.
184(2)The Commission may impose such terms and conditions as the Commission considers appropriate on an order under this section.
184(3)The Commission may make an order under paragraph (1)(c) notwithstanding the filing of a report of the material change with it on a confidential basis under the regulations.
184(4) Unless the parties and the Commission consent, no order shall be made under this section, except under subsection (1.1), without a hearing.
184(5)Notwithstanding subsection (4), if in the opinion of the Commission the length of time required to hold a hearing could be prejudicial to the public interest, the Commission may, without a hearing, make a temporary order under paragraph (1)(a), (b), (c) or (d) or subparagraph (1)(f)(ii).
184(6)The temporary order shall take effect immediately and shall expire on the fifteenth day after its making unless extended by the Commission.
184(7)The Commission may extend a temporary order until the hearing is concluded if a hearing is commenced within the 15-day period.
184(8)Notwithstanding subsection (7), the Commission may extend a temporary order under paragraph (1)(c) for such period as it considers necessary if satisfactory information is not provided to the Commission within the 15-day period.
184(9)The Commission shall without delay give written notice of an order or temporary order made under this section to any person directly affected by the order or temporary order.
2007, c.38, s.182; 2008, c.22, s.54
Orders in the public interest
184(1)The Commission may, if in its opinion it is in the public interest to do so, make one or more of the following orders:
(a) an order that the registration granted to a person under New Brunswick securities law be suspended or restricted for such period as is specified in the order or be cancelled, or that terms and conditions be imposed on the registration;
(b) an order that the recognition granted to a person under New Brunswick securities law be suspended or restricted for such period as is specified in the order or be revoked, or that terms and conditions be imposed on the recognition;
(c) an order that
(i) trading in or purchasing cease in respect of any securities specified in the order, or
(ii) a person specified in the order cease trading in or purchasing securities, specified securities or a class of securities;
(d) an order that any exemptions contained in New Brunswick securities law do not apply to a person permanently or for such period as is specified in the order;
(e) an order that a market participant submit to a review of the market participant’s practices and procedures and institute such changes as may be directed by the Commission;
(f) if the Commission is satisfied that New Brunswick securities law has not been complied with, an order that a release, a report, a preliminary prospectus, a prospectus, a return, a financial statement, an information circular, a take-over bid circular, an issuer bid circular, a notice of change or variation in respect of a take-over bid circular or an issuer bid circular, an offering memorandum, a proxy solicitation or any other document described in the order
(i) be provided by a market participant to a person,
(ii) not be provided by a market participant to a person, or
(iii) be amended by a market participant to the extent that amendment is practicable;
(g) an order that a person be reprimanded;
(h) an order that a person resign one or more positions that the person holds as a director or officer of an issuer, registrant or mutual fund manager;
(i) an order that a person is prohibited from becoming or acting as a director or officer of any issuer, registrant or mutual fund manager;
(j) an order that a person is prohibited from disseminating to the public, or authorizing the dissemination to the public of, any information or material of any kind that is described in the order;
(k) an order that a person disseminate to the public, by the method, if any, described in the order, the information or material relating to the affairs of the registrant or issuer that the Commission considers must be disseminated;
(l) an order that a person amend, in the manner specified in the order, any information or material of any kind described in the order that is disseminated to the public;
(m) an order that a person cease contravening or comply with and that the directors and officers of the person cause the person to cease contravening or to comply with New Brunswick securities law;
(n) Repealed: 2007, c.38, s.182
(o) an order that a trade is deemed to be a distribution; or
(p) if a person has not complied with New Brunswick securities law, an order requiring the person to disgorge to the Commission any amounts obtained as a result of the non-compliance.
184(1.1)In addition to the power to make orders under subsection (1), the Commission may, after providing an opportunity to be heard, make one or more of the orders referred to in paragraphs (1)(a) to (d) and (1)(g) to (i) against a person if the person
(a) has been convicted in Canada or elsewhere of an offence
(i) arising from a transaction, business or course of action related to securities, or
(ii) under the laws of the jurisdiction respecting trading in securities,
(b) has been found by a court or tribunal of competent jurisdiction in Canada or elsewhere to have contravened or to have failed to comply with the laws of the jurisdiction respecting trading in securities,
(c) is subject to an order made by a securities regulatory authority in Canada or elsewhere imposing sanctions, conditions, restrictions or requirements on the person, or
(d) has agreed with a securities regulatory authority in Canada or elsewhere to be subject to sanctions, conditions, restrictions or requirements.
184(2)The Commission may impose such terms and conditions as the Commission considers appropriate on an order under this section.
184(3)The Commission may make an order under paragraph (1)(c) notwithstanding the filing of a report of the material change with it on a confidential basis under the regulations.
184(4) Unless the parties and the Commission consent, no order shall be made under this section, except under subsection (1.1), without a hearing.
184(5)Notwithstanding subsection (4), if in the opinion of the Commission the length of time required to hold a hearing could be prejudicial to the public interest, the Commission may, without a hearing, make a temporary order under paragraph (1)(a), (b), (c) or (d) or subparagraph (1)(f)(ii).
184(6)The temporary order shall take effect immediately and shall expire on the fifteenth day after its making unless extended by the Commission.
184(7)The Commission may extend a temporary order until the hearing is concluded if a hearing is commenced within the 15-day period.
184(8)Notwithstanding subsection (7), the Commission may extend a temporary order under paragraph (1)(c) for such period as it considers necessary if satisfactory information is not provided to the Commission within the 15-day period.
184(9)The Commission shall without delay give written notice of an order or temporary order made under this section to any person directly affected by the order or temporary order.
2007, c.38, s.182
Orders in the public interest
184(1)The Commission may, if in its opinion it is in the public interest to do so, make one or more of the following orders:
(a) an order that the registration granted to a person under New Brunswick securities law be suspended or restricted for such period as is specified in the order or be cancelled, or that terms and conditions be imposed on the registration;
(b) an order that the recognition granted to a person under New Brunswick securities law be suspended or restricted for such period as is specified in the order or be revoked, or that terms and conditions be imposed on the recognition;
(c) an order that trading in any securities, or in securities or a class of securities specified in the order, by or of a person cease permanently or for such period as is specified in the order;
(d) an order that any exemptions contained in New Brunswick securities law do not apply to a person permanently or for such period as is specified in the order;
(e) an order that a market participant submit to a review of the market participant’s practices and procedures and institute such changes as may be directed by the Commission;
(f) if the Commission is satisfied that New Brunswick securities law has not been complied with, an order that a release, report, preliminary prospectus, prospectus, return, financial statement, information circular, take-over bid circular, issuer bid circular, offering memorandum, proxy solicitation or any other document described in the order
(i) be provided by a market participant to a person,
(ii) not be provided by a market participant to a person, or
(iii) be amended by a market participant to the extent that amendment is practicable;
(g) an order that a person be reprimanded;
(h) an order that a person resign one or more positions that the person holds as a director or officer of an issuer, registrant or mutual fund manager;
(i) an order that a person is prohibited from becoming or acting as a director or officer of any issuer, registrant or mutual fund manager;
(j) an order that a person is prohibited from disseminating to the public, or authorizing the dissemination to the public of, any information or material of any kind that is described in the order;
(k) an order that a person disseminate to the public, by the method, if any, described in the order, the information or material relating to the affairs of the registrant or issuer that the Commission considers must be disseminated;
(l) an order that a person amend, in the manner specified in the order, any information or material of any kind described in the order that is disseminated to the public;
(m) an order that a person cease contravening or comply with and that the directors and senior officers of the person cause the person to cease contravening or to comply with New Brunswick securities law;
(n) an order that an issuer is deemed to be a mutual fund; or
(o) an order that a trade is deemed to be a distribution.
184(2)The Commission may impose such terms and conditions as the Commission considers appropriate on an order under this section.
184(3)The Commission may make an order under paragraph (1)(c) notwithstanding the filing of a report with it under subsection 89(2).
184(4)Unless the parties and the Commission consent, no order shall be made under this section without a hearing.
184(5)Notwithstanding subsection (4), if in the opinion of the Commission the length of time required to hold a hearing could be prejudicial to the public interest, the Commission may, without a hearing, make a temporary order under paragraph (1)(a), (b), (c) or (d) or subparagraph (1)(f)(ii).
184(6)The temporary order shall take effect immediately and shall expire on the fifteenth day after its making unless extended by the Commission.
184(7)The Commission may extend a temporary order until the hearing is concluded if a hearing is commenced within the 15-day period.
184(8)Notwithstanding subsection (7), the Commission may extend a temporary order under paragraph (1)(c) for such period as it considers necessary if satisfactory information is not provided to the Commission within the 15-day period.
184(9)The Commission shall without delay give written notice of an order or temporary order made under this section to any person directly affected by the order or temporary order.