2008 Enforcement Activities - A year of tangible and conclusive results


Montréal – The Autorité des marchés financiers (AMF) today reported on its enforcement of the Securities Act and the Act respecting the distribution of financial products and services in 2008. "This past year marked the full and complete recognition of the AMF as the regulatory and oversight body for Québec's financial sector, and the consolidation of its commitment to protect consumers and ensure rigorous oversight of financial markets," said AMF President and CEO Jean St-Gelais.

A highlight of 2008 in terms of enforcement of the Securities Act was the lengthy prison term imposed on Vincent Lacroix early in the year. In March, the AMF created an insider trading and market manipulation investigation unit. As well, important amendments to the Securities Act that came into force in May 2008 now enable the AMF to take even more effective action and obtain more stringent sanctions.

"The AMF laid a record 3,317 charges in 2008, which included major proceedings launched in July in the Guychar case, and, in September, in Mount Real," noted Mr. St-Gelais. He also highlighted data regarding enforcement operations by the AMF in 2008:

  • Individuals and companies sanctioned and decisions rendered by the Bureau de décision et de révision en valeurs mobilières (BDRVM) or a penal court with respect to enforcement of the Securities Act:
    • 108 individuals sanctioned;
    • 77 companies sanctioned;
    • 41 cases in which decisions were rendered.
  • Enforcement data pertaining to the various laws administered by the AMF:
    • 134 successful court cases launched by the AMF;
    • 861 individuals and companies sanctioned;
    • $3,772,200 in fines, sanctions and penalties.

The AMF's success rate before the courts currently stands at nearly 95%; investigation mandates and staff have doubled since the establishment of the AMF in 2004. Five years later, the AMF remains unwavering in the pursuit of its mission. It views economic crimes as serious and detrimental to society and believes they warrant exemplary and dissuasive penalties.

The Autorité des marchés financiers (AMF) is the regulatory and oversight body for Québec’s financial sector.

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