Disclosure violations - Administrative penalties imposed on State Street Global Markets Canada Inc. and MF Global Canada
Decisions and Freeze and cease trade orders Securities
Montréal – Over the past few weeks, State Street Global Markets Canada Inc. and MF Global Canada, two registered securities dealers with unrestricted practices, were fined a total of $35,433 in administrative penalties for failing to file various documents with the AMF within 90 days after the end of the financial year.
State Street Global Markets Canada Inc. fined $30,000 in administrative penalties
On October 8, 2009, at the request of the Autorité des marchés financiers (the "AMF"), the Bureau de décision et de révision en valeurs mobilières (BDRVM) ordered State Street Global Markets Canada Inc. to pay an administrative penalty of $30,000.
The AMF accused State Street Global Markets Canada Inc., a duly registered securities dealer with an unrestricted practice, of failing to file annual disclosures for the 2005 and 2007 financial years within the prescribed time period. These documents must be filed with the AMF within 90 days after the end of the financial year. State Street Global Markets Canada Inc. filed the documents several months after the time period stipulated in the Securities Act.
In its decision, the BDRVM highlighted the importance of document filings with the AMF as required by legislation in respect of market participants within the prescribed time periods so that the AMF can determine whether solvency standards are met and registrants are in compliance, thereby better protecting investors.
MF Global Canada fined $5,433 in administrative penalties
On October 15, 2009, at the request of the Autorité des marchés financiers (the "AMF"), the Bureau de décision et de révision en valeurs mobilières (BDRVM) ordered MF Global Canada to pay an administrative penalty of $5,433.
The AMF accused MF Global Canada, a duly registered securities dealer with an unrestricted practice, of failing to file annual disclosures and to pay the specified fees for the 2006 and 2007 financial years within the prescribed time period. These documents must be filed with the AMF within 90 days after the end of the financial year.
In its decision, the BDRVM emphasized that investor confidence is dependent on adequate oversight of securities exchanges, firms, regulatory agencies and self-regulatory organizations. The tribunal also noted that the first line of defence of financial markets rests with the firms and professionals who work on behalf of investors.
The Autorité des marchés financiers (the "AMF") is the regulatory and oversight body for Québec's financial sector.
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