184.1(1)In this section “securities regulatory authority” does not include a self-regulatory organization, exchange, clearing agency, quotation and trade reporting system, auditor oversight body or credit rating organization.

184.1(2)Subject to subsections (3) to (5), an order made by a securities regulatory authority in Canada imposing sanctions, conditions, restrictions or requirements on a person has the same effect in New Brunswick as if it were an order made by the Tribunal, with the modifications the circumstances require, without notice to the person and without a hearing or opportunity to be heard.

184.1(3)Subsection (2) does not apply unless the Tribunal has the power to make a similar order under any of paragraphs 184(1)(a) to (d) and 184(1)(g) to (i).

184.1(4)Subsection (2) does not apply with respect to an order imposing sanctions, conditions, restrictions or requirements on a person by a securities regulatory authority in Canada based on an order made by another securities regulatory authority in Canada.

184.1(5)Subsection (2) does not apply unless the order of the securities regulatory authority imposing sanctions, conditions, restrictions or requirements on a person has been made as a result of a finding or an admission of a contravention of laws respecting the trading in securities or derivatives or of conduct contrary to the public interest.

184.1(6)Subsection (2) ceases to apply if an order made by a securities regulatory authority in Canada imposing sanctions, conditions, restrictions or requirements on a person is overturned, vacated, revoked or otherwise held to be of no effect under the applicable laws.

184.1(7)On application by the Executive Director or a person directly affected by a sanction, condition, restriction or requirement in an order made effective in New Brunswick under subsection (2), the Tribunal may, after providing the Executive Director or the person directly affected an opportunity to be heard, make an order concerning the application of subsection (2) and that order is binding on the person.

184.1(8)A person shall not be liable to pay to the Commission or other person, as a result of the operation of subsection (2), an administrative penalty or any other amount the person is liable to pay under the order made by a securities regulatory authority in Canada imposing sanctions, conditions, restrictions or requirements on the person.

184.1(9)A person shall comply with an order made effective in New Brunswick under subsection (2) or an order made by the Tribunal under subsection (7).

184.1(10)No person commits an offence under subsection (9) if that person did not know and in the exercise of reasonable diligence would not have known that the act or course of conduct which that person engaged in caused that person to fail to comply with that subsection.