Securities

Montréal – The Autorité des marchés financiers (AMF) has launched penal proceedings in the Court of Québec (Criminal and Penal Division), district of Montréal, against the securities adviser Groupe financier Monexia inc.

The AMF is filing three charges against Groupe financier Monexia inc. for violating the Securities Act, R.S.Q.  V-1.1 (the “Act”) for:

  • failure to obtain approval from the AMF to alter the volume of borrowing prescribed in section 212 of the Securities Regulation by borrowing $95,764 from Capital 3 Gestion FX inc., thereby violating section 159 of the Regulation (one charge);
  • failure to possess a working capital at least equal to the sum of $25,000 and the amount deductible under its insurance policies or the bonding prescribed by section 213 of the Regulation, thereby violating section 209 of the Regulation (one charge);
  • failure to inform the AMF immediately when it did not have the working capital required under section 209 of the Regulation, thereby violating  211 of the Regulation (one charge).

The AMF is seeking a fine totalling $6,000, plus costs, for these three charges.

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

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