Rapports de l’OSFM
Plan stratégique (en anglais)
Manitoba Financial Services Agency
Strategic Plan 2022 to 2025
Introduction
The Manitoba Financial Services Agency (MFSA) is a Special Operating Agency of the Province of Manitoba responsible for administering legislation in the following sectors:
- securities and commodity futures
- insurance
- real estate and mortgage brokerage
- credit unions and caisses populaires
- trust and loan companies
The MFSA operates through two divisions, namely The Manitoba Securities Commission and The Financial Institutions Regulation Branch. The MFSA is in the process of incorporating the Office of the Superintendent- Pension Commission into its operations.
MFSA’s Mission:
The MFSA seeks to foster a better financial future for all Manitobans through responsive regulation that promotes fairness, honesty and openness within Manitoba’s financial services, pension and real estate sectors.
MFSA’s Vision:
Strong and fair financial services, pension and real estate sectors that benefit both the industry and the public, supported by the MFSA.
Priorities for 2022 to 2025
The MFSA operates in a rapidly changing environment and its goal is to respond proactively to the challenges these changes bring. In doing so, it coordinates with its counterparts in other jurisdictions, particularly through the Canadian Securities Administrators (CSA), the Canadian Council of Insurance Regulators (CCIR), the Canadian Insurance Services Regulatory Organizations (CISRO), the Real Estate Regulators of Canada (RERC), the Mortgage Brokers Regulators Council of Canada (MBRCC), the Canadian Association of Pension Supervisory Authorities (CAPSA), the Credit Union Prudential Supervisors Association (CUPSA) and the National Pension Compliance Officers Association (NPCOA). The key challenges are:
- Responding to global developments
As the world’s markets become more integrated and new products and services emerge, such as cryptocurrencies and decentralized finance, it becomes all the more important to respond on a coordinated basis to address emerging concerns and to respond to new or enhanced risks.
- Enhancing investor protection
The MFSA will continue to focus on protecting investors from fraudulent, manipulative and misleading practices through enhanced enforcement processes, by ensuring compliance with disclosure and registration requirements and through investor education.
- Addressing local issues
Although many of the markets the MFSA oversees are national or international in scope, all have important local elements and others, such as the real estate and credit union and caisses populaire sectors, are primarily Manitoban in nature. Responding to local issues and concerns are a key focus of the MFSA.
- Monitoring Emerging Trends
The MFSA will continue to monitor emerging trends in the sectors that it regulates.
The MFSA, responding to these challenges, has identified four strategic goals to pursue for 2022 to 2025:
- Enhancing investor/consumer protection
- Enhancing the regulatory framework
- Continuing regulatory harmonization with other jurisdictions where appropriate
- Improving efficiency in operations
- Enhancing investor/consumer protection
Context
Providing information to consumers and investors on topics in the areas regulated by the MFSA is an important part of its mandate.
Actions:
- continue the development and updating of educational programs targeted at consumers and the investing public, with a focus on emerging market trends, fraud and financial abuse
- continue existing relationships and identify new opportunities to connect with external groups for outreach to the public, such as the Indigenous community and newcomers to Canada, either for one time educational events or ongoing partnerships
- complete the development and adoption of updated offers to purchase for single family residences and condominiums
- create a plain language disclosure document supporting the new Offers to Purchase for single family residences and condominiums
Context:
When clients of financial intermediaries have a problem with the products or services provided to them it is important that their concerns are dealt with in a fair and reasonable manner.
Actions:
- review the complaint handling process used by the Manitoba Insurance Council and the Office of the Superintendent- Pension Commission
- examine the advisability of developing a Market Conduct requirement for credit unions and the caisse populaire in their dealings with consumers and their response to complaints
- Enhance the regulatory framework in Manitoba
Context
The Agency operates in an evolving financial services environment that requires a regulatory approach that is risk based and which minimizes overlap and duplication.
Actions:
- complete the implementation of the updated oversight process for the credit union and caisses populaires system, including developing a compliance review program for Deposit Guarantee Corporation of Manitoba drawing on the existing compliance program for self regulatory organizations in the securities industry
- develop a compliance review program for provincially regulated insurance companies drawing on the compliance program for Manitoba securities registrants
- review and update the existing compliance review program for real estate and mortgage brokers drawing on the compliance program for Manitoba securities registrants
- review the current compliance review program for pension plans drawing on the compliance program for Manitoba securities registrants and increase the frequency of pension plan reviews
- update the existing Delegation and Protocol Agreement with the Insurance Council of Manitoba
Context
While the MFSA has distinct and separate areas of oversight, there are common issues and responsibilities that can draw on expertise developed by other groups within the MFSA.
Action:
- investigate opportunities for increased collaboration between the investigation, real estate compliance, pension plan regulation and securities compliance areas
Context
The current Commodity Futures Act was originally enacted in 1996 and has not been reviewed and updated since then to reflect subsequent developments.
Action:
- conduct a review of The Commodity Futures Act with regard to the legislation in other Canadian jurisdictions with a view to putting forward a proposal to the government for legislation updating or replacing the current statute
Context
Ontario and Saskatchewan have adopted legislation regulating the use of the “financial planner” and “financial advisor” titles and other jurisdictions are considering doing so. Submissions have been made to the government to do so in Manitoba as well.
Action:
- monitor developments on the adoption of financial planners title protection legislation in other Canadian jurisdictions with a view to consulting on the advisability of adopting it in Manitoba
- Continued regulatory consultation and harmonization with other jurisdictions
Context
The Commission operates in most areas on a harmonized basis with other provincial and territorial jurisdictions through the CSA.
Actions:
- continue to contribute to key CSA projects, including the environmental, social and governance initiative regarding climate change disclosure, expanded disclosure regarding diversity, liquidity risk management in investment funds and the modernization of the continuous disclosure regime
- continue to lead the CSA initiative regarding client facing registrant titles
- continue to actively participate in the CSA sandbox committee and the CSA cryptocurrency task force
- continue its full participation in the CSA’s self regulatory organization consolidation project
Context:
The Financial Institutions Regulation Branch, the Real Estate area and the Office of the Superintendent- Pension Commission participate in national organizations that provide a forum for discussing issues of common interest and sharing information.
Action:
continue the MFSA’s participation in CCIR, CISRO, REAC, MBRCC, CAPSA, CUPSA and NPCOA
- Carry out MFSA’s operations in a more efficient and responsive manner
Context
It is important that the MFSA continue to identify opportunities to conduct its operations in a more effective manner that is responsive to the industries it regulates and to the public.
Actions:
- implement the local aspects of SEDAR+, including updating the Poller system and any other interfaces
- update the Manitoba Securities Commission prehearing policy and consider adopting it as a formal Commission rule
- obtain and implement case management software to manage the investigation and enforcement process from receiving the initial complaint through the completion of any resulting hearings
- establish monitoring process for progress of investigations and hearings and adopt targets for the initiation and completion of enforcement proceedings
- establish benchmarks for conducting compliance reviews and a process for monitoring the progress and completion of these reviews
- complete the project to install technology to facilitate conducting hearings through electronic means
- complete the project to install video taping technology for conducting interviews in investigations
- review and assess the capabilities of the Pension Benefits Information System and its ability to meet all current and future requirements
Context
The MFSA’s mandate has recently been expanded to include the administration of the Pension Benefits Act.
Action:
- integrate the Office of the Superintendent- Pension Commission and its personnel into the MFSA
Context
MFSA personnel interact with the public, industry, other regulators and government officials on an ongoing basis and have an obligation to do so on a responsive and professional basis.
Action:
- establish standards for responses by staff to inquiries from industry and the public
Context:
The MFSA does not have unlimited resources and changes in staffing in individual areas occurs on a regular basis, due to resignations or retirements and it is important that it be able to carry on its operations despite these changes.
Actions:
- establish succession plans for all areas
- document policies and procedures for each area for their operations
- pursue cross training opportunities across MFSA
- identify and encourage educational opportunities on the part of MFSA staff
Context
MFSA staff receive inquiries from industry and the public through emails and telephone calls that often cover similar topics or which may indicate trends.
Action:
- investigate methods to track inquiries across the MFSA, including examining whether the existing Pension Commission system is a potential solution
Context
The MFSA’s website is the primary means by which it communicates with the public and industry.
Actions:
- complete modernization of MFSA website including the incorporation of information related to the Office of the Superintendent- Pension Commission
- develop a manual for the maintenance of the website on an ongoing basis
Rapports annuels
L’Office des services financiers du Manitoba produit un rapport annuel afin d’informer le public et ses membres de ses réalisations, de ses programmes et de son rendement tout au long de l’exercice écoulé.
| Rapports annuels | |
|---|---|
|
Rapports annuels | 2022/2023 |
Rapports annuels | 2021/2022 |
Rapports annuels | 2020/2021 |
Rapports annuels | 2019/2020 |
Rapports annuels | 2018/2019 |
Rapports annuels | 2017/2018 |
Rapports annuels | 2016/2017 |
Rapports annuels | 2015/2016 |
Rapports annuels | 2014/2015 |
Rapports annuels | 2013/2014 |
Rapports annuels | 2012/2013 |
Rapports annuels | 2011/2012 |
Rapports annuels | 2010/2011 |
Rapports annuels | 2009/2010 |
Rapports annuels | 2008/2009 |
Rapports annuels | 2007/2008 |
Rapports annuels | 2006/2007 |
Rapports annuels | 2005/2006 |
Rapports annuels | 2004/2005 |
Rapports annuels | 2003/2004 |
