Applications to the Court of King’s Bench
2023, c.17, s.253
187(1)The Commission may apply to the Court of King’s Bench for a declaration that a person has not complied with or is not complying with New Brunswick securities law.
187(2)The Commission is not required, before making an application under subsection (1), to hold a hearing to determine whether the person has not complied with or is not complying with New Brunswick securities law.
187(3)An application under this section may be made
ex parte if the Court of King’s Bench considers it proper in the circumstances.
187(4)If the Court of King’s Bench makes a declaration under subsection (1), the Court of King’s Bench may, notwithstanding the imposition of any other penalty on the person or the making of any other order by the Commission or the Tribunal related to the same matter, make any order that the Court of King’s Bench considers appropriate against the person, including without limiting the generality of the foregoing, one or more of the following orders:
(a)
an order directing the person to comply with New Brunswick securities law;
(b)
an order requiring the person to submit to a review by the Commission of the person’s practices and procedures and to institute such changes as may be directed by the Commission;
(c)
an order directing 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 the person to another person,
(ii)
not be provided by the person to another person, or
(iii)
be amended by the person to the extent that amendment is practicable;
(d)
an order rescinding any transaction entered into by the person relating to trading in securities or derivatives, including the issuance of securities or derivatives;
(d.1)
an order directing that the terms of a derivative trade be amended;
(e)
an order requiring the issuance, cancellation, purchase, exchange or disposition of any securities or derivatives by the person;
(f)
an order prohibiting the voting or exercise of any other right attaching to securities or derivatives by the person;
(g)
an order prohibiting the person from acting as officer or director or prohibiting the person from acting as promoter of any market participant permanently or for such period as is specified in the order;
(h)
an order appointing officers and directors in place of or in addition to all or any of the officers and directors of the person then in office or removing an officer or director of the person then in office;
(i)
an order directing the person to purchase securities of a security holder or derivatives of a holder of derivatives;
(j)
an order directing the person to repay to a security holder or a holder of derivatives any part of the money paid by the holder for securities or for derivatives, as the case may be;
(k)
an order requiring the person to produce to the Court of King’s Bench or an interested person financial statements in the form required by New Brunswick securities law, or an accounting in such other form as the Court of King’s Bench may determine;
(l)
an order directing rectification of the registers or other records of the person;
(m)
an order requiring the person to compensate or make restitution to an aggrieved person;
(n)
an order requiring the person to pay general or punitive damages to any other person;
(o)
an order requiring the person to disgorge to the Commission any amounts obtained as a result of the non-compliance with New Brunswick securities law;
(p)
an order requiring the person to rectify any past non-compliance with New Brunswick securities law to the extent that rectification is practicable; or
(q)
an order directing the directors and officers of the person to cause the person to comply with New Brunswick securities law.
187(5)On an application under this section, the Court of King’s Bench may make such interim orders as it considers appropriate.
2007, c.38, s.183; 2008, c.22, s.55; 2011, c.43, s.34; 2013, c.31, s.36; 2013, c.43, s.35; 2023, c.17, s.253